Checking the sale of units and public rental housing
Private sale of units
- “Private sale of units” refers to the construction of housing by a private enterprise and not a state agency or public corporation.
Public housing for sale
- The term “public sale” refers to the construction or improvement of a house that is less than 85 m2 per family, funded by the National Housing and Urban Fund, and sold by a state agency or public corporation (see Subparagraphs 5 and 6 of Article 2 of the Housing Act).
Public rental
- Public rental refers to the lease of housing built or purchased by a state agency or a public corporation with funds from the National Housing Urban Fund (see Subparagraphs 1, 1-2, and 1-3 of Article 2 of the Special Act on Public Housing), public rental housing supplied by the Korea Land and Housing Corporation, and long-term housing (shift) supplied by the Seoul Housing & Communities Corporation (SH Corporation) of the Seoul Metropolitan Government.
- Type of housing supplied by the Korea Land and Housing Corporation
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Type
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Main content
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National public Rental housing
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It is a house constructed and supplied by the State, local governments, the Korea Land and Housing Corporation, or a local corporation. It is leased for a long period (30 years) with low rent and is not converted into a sale in units.
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Public rental housing
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- 5 years (10 years) of public rental housing: Housing converted for sale preferentially for the tenant after the end of the lease period of 5 years (10 years) - Rental housing purchased in installments: Housing where partial payment is paid as the initial equity (30%) until the tenant moves in, and the remaining installment is paid gradually during the lease period (10 years) and converted into a sale - 50 years of public rental housing: Provided with funds, etc. for the purpose of replacing permanent rental housing, and constructed and supplied by the Korea Land and Housing Corporation or local governments; Not converted into rental housing
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Permanent rental housing
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More than 190,000 houses (140,000 construction units) will be built with a size of 26.34 m2 to 42.68 m2, providing low-income people, such as basic livelihood recipients, with cheap rent
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Long-term deposit base housing
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Rental housing constructed or purchased by the State, a local government, the Korea Land and Housing Corporation, or a local public corporation established for the purpose of a housing project pursuant to Article 49 of the Local Public Enterprises Act, which is supplied by means of a contract for lease of up to 20 years
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< Source: Korean Land & Housing Corporation (LH), Housing, Supply Type >
- Long-term deposit base housing (shift) supplied by SH Corporation
· Long-term deposit base housing (shift) is supplied by the Seoul Metropolitan Government’s SH Corporation so that people can live for up to 20 years with less than 80% of the surrounding rental prices.
Restrictions on the sale of rental housing
- No public rental housing unit can be sold before the following expiry of the obligatory lease period (Article 50-2 (1) of the Special Act on Public Housing and Article 54 (1) of the Enforcement Decree of the Special Act on Public Housing).
1. Permanent rental housing: 50 years
2. National public rental housing: 30 years
3. Happy house (public rental housing): 30 years
4. Integrated public rental housing: 30 years
5. Long-term deposit base housing: 20 years
6. Housing reported by specifying the lease contract period as not less than 10 years when reporting the terms and conditions of lease among public rental housing not falling under Subparagraphs 1 through 5: 10 years
7. Other public rental housing: 5 years
Checking the auction
Checking the auction sale
- Information on the sale property can be obtained through the court bulletin board, the official gazette, the official information, newspapers, or electronic media (Article 104 (1) of the Civil Execution Act and Article 11 (1) of the Civil Execution Rules).
Checking the auction procedure
- Deciding which house to bid for
- Participating in a date auction or a term auction according to the method of sale designated by the court
※ Date auction
- The term “date auction” refers to a bidding procedure in which a bidder attends on the date of sale, submits a bid ticket to the enforcement officer, and conducts a bid (Article 103 (2) and (3) of the Civil Execution Act and Article 62 (1) of the Civil Execution Rules).
※ Term auction
- The term “term auction” refers to a bidding procedure in which a bidder enters the purchase price on the bidding table within a bidding period of one week to one month, submits it to the enforcement officer directly or by registered mail, and bids on the date of sale (Articles 103 (2) and (3) of the Civil Execution Act and Articles 68 and 69 of the Civil Execution Rules).
- Winning the bid
Precautions in case of auction
- You have to visit the site to check and compare the real estate register, building register, land register, etc. and find out the exact rights relationship before bidding.
- If you get a certificate of real estate registration and look at Section B, you can check the relationship of rights, such as mortgage, rights to lease on a deposit basis, easement, and superficies in addition to ownership.