《World Geumgung Sports Association's Words of the Day》 Dream of buying…

 ~President of the World Geumgung Sports Association, publisher of KTN Korea Communications Association

Many people want to sign up for a local housing association apartment because it has the advantage of being able to get a house or apartment at a lower price in the form of a joint purchase without subscribing to the desired area.

The apartment sale contract of a local housing association is a completely different contract from the sale of a general apartment, and it is to join the housing association as a member. What should be clear is that housing associations should recognize that apartment construction is uncertain and engage in contracts without full-fledged business approval yet.

According to lawyer Choi Jin-hwan, the promotional phrases commonly used by local housing associations when collecting union members are as follows.

- You can move in within 3 years.

- The sale price is half.

- Build more than 1,000 apartments.

- We're almost done recruiting union members.

- Land purchase was completed at least 80%.

- The rest of the generation is numbered.

- Receive the district unit plan soon.

- Business plan approval will be dropped soon.

- It is absolutely safe because the real estate trust company is responsible.

- Large enterprises are responsible for construction.

- There is no additional contribution from the union members.

-We are recruiting the first round now, but we are planning to sell additional second and third rounds soon.

- Resale tickets are available at any time without any restrictions.

- You can withdraw from the union.

-You can get a premium and hand it over.

The most frequently used promotional phrase is that land has been purchased 100% and secured, but in fact, it is not 100% purchased, but rather that the balance has been paid to secure ownership of the land, but only contracts are made through simple sales contracts for the object.

In some housing associations, when recruiting first-time members, the planned number of households is set to thousands of generations and promoted to recruit members, but in the process of promoting the actual project, the size of the project is greatly reduced or additional contributions are often incurred.

The housing association system is a system that allows housing to be supplied by establishing a union in a certain area or workplace regardless of subscription savings in order to expand the opportunity to purchase a house.

However, the housing association system has caused a lot of damage to its members, including the bankruptcy of construction projects and excessive land compensation demands by some landlords who colluded in the process of the project.

The principle of the local housing association apartment project is that union members gather to form a union, pay the same amount of money, buy land, build apartments through construction companies, and then divide them one by one.

<Precautions for local housing associations>

- Securing 50% or more of the relevant housing construction site when reporting the recruitment of union members

- Securing 80% of license sources + securing more than 15% of land ownership when applying for union establishment approval

-Explain important contractual matters in advance, such as qualification standards for union members

- When advertising for recruitment, the advertisement must include the status of land security and qualification standards for union members

- The founder of the union has lived in the same living area for at least one year, no house, or less than 85 square meters when reporting the recruitment of members

- The founder of the association shall be deemed to have joined the association from the date on which the report of the association is accepted, and shall bear the same rights and obligations as the applicant for membership of the housing association

- Prepare quarterly performance reports and disclose them to union members

- Raising capital requirements for business agents and making it mandatory to entrust money storage services

- Prohibition of concurrent positions by union officials

- If the approval for the establishment of a housing association is not obtained within two years after the acceptance of the union recruitment report, it is possible to decide whether to close the project by resolution of the

- If the business plan is not approved within 3 years after the establishment of the association, it can be decided by resolution of the general meeting

- Prepare accounting books monthly

Photo description: Precautions for joining a local housing association announced by Gumi City in June 2016

- Notes from the president of the World Kumgung Sports Association, dream of buying one's own house, and points to note to join the local housing association

2022. 4.18. 06:00

-World Geumgung Sports Association: 054-456-9865 3rd floor of Shinsiro 4-F, Hyeonggok-dong, Gumi-si, Gyeongsangbuk-do, Korea

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