A group of real estate fraudsters reportedly established a corporation to commit fraud. The plan seemed to be to reduce personal responsibility if the corporation went bankrupt after committing real estate fraud. However, this group of real estate fraudsters reportedly used the LH Korea Land and Housing Corporation's Jeonse lease system to raise more funds at once after purchasing a villa.
LH's Jeonse lease system is a method in which LH leases a house and then subleases it to the target person. In general, when renting a house on a Jeonse basis, the tenant tries to take out a guarantee insurance. This guarantee insurance sets a standard up to 126% compared to the announced price of the house, and refuses to join the guarantee insurance for the deposit that exceeds this ratio. However, LH's Jeonse lease supports up to 153% of the Jeonse deposit to the landlord. Risky houses are being packaged with LH's Jeonse lease system, tempting young people in society. In addition, because the standard for the Jeonse deposit ratio is set up to 153% of the announced price, landlords think that it is an opportunity to earn much higher profits than any other method by owning their own house. If a swindler owns dozens or hundreds of villas, it is a means of securing a large amount of deposit in a short period of time by exploiting a high-cost performance(?) system. Some villa kings reportedly received KRW 16 billion in deposits supported by LH.
The act of buying and leasing houses in the name of a corporation seemed to have been a plan by the representative director to avoid personal responsibility even if the corporation went bankrupt. If the corporation buys and sells real estate, it can save a lot of taxes, including transfer income tax. If the corporation owns an officetel and uses it as an office, it can avoid taxation. Therefore, it is best not to sign a contract for real estate that prevents transfer registration to an officetel (https://middletoe.tistory.com/9).
To avoid being a victim of Jeonse fraud, you should avoid houses with high loan-to-value ratios. It is recommended to exclude houses with excessive deposits while checking the surrounding market prices on the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system (ttp://rt.molit.go.kr/). You should also check the registration details on the real estate register (certificate of all items in the registration matter) and make sure that the information on the house you are told by the agent matches what is recorded on the registration details. It is also a good idea to check in advance whether you can join the Jeonse deposit return guarantee insurance before signing the contract. If you do not meet the criteria for Jeonse deposit return guarantee insurance, it is better to look for other options. It is also important to confirm whether the landlord on the registration details is the same person as the one recorded in the actual contract. You can check the information of certified real estate agents on the Korea Association of Realtors' website (http://www.kar.or.kr/pinfo/brokersearch.asp). If the agent is not a member of the association, it is better to exclude them. Lastly, do not forget to file a report for renting a house at the resident center. If you file a report for moving in, it will be automatically reported together.
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