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No More First-Come-First-Served for Apartment Complex Sales

No More First-Come-First-Served for Apartment Complex Sales

Posted November. 13, 2001 09:17,   


By the end of next year, the first-come-first-served basis will be prohibited when the apartments in the residential and commercial complex sell.

And the people establish a housing union to remodel their houses, they won`t have to get a permission from a local mayor or a county governor.

The reformation committee announced that the Ministry of Construction and Transportation approved the bill when revising the `House Construction Promotion law` to `Housing law`. MCT will implement the new policies in the middle of next year step by step after completing the legislation process.

MCT will also set up an instruction for the sales process and the conditions and methods when selling apartments of the housing and commercial complexes. As a consequence, the side effects of the first-come-first-served basis sales, such as the exploitation of spot fees and the line-ups for several days before sales by collecting gangsters or mobile agents on behalf of the speculative buying, are expected to disappear.

However, the sales of Officetel will maintain the current methods, allowing the first-come-first-served sales.

MCT is considering that, when all members of the housing unionists agree on a project such as a remodeling or a reconstruction, they are allowed to process the project without having permission from a mayor or county governor.

However, the housing union has to have an audit by a specialized organization from outside, and report the result to a mayor or county governor, and must publish the audit report through the Internet.