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I want to know if it is possible, through Seoul...
Writter 관리자
Written Date 2015.01.05
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I want to know if it is possible, through Seoul City's consent or based on special conditions imposed by the city, for the land purchaser to transfer land ownership provided that a right of mortgage (i.e., fixed collateral) is placed on a building occupying a DMC land lot after the expiration of protective registration for the building following the completion of building construction.

 

 

Thank you for your interest in the DMC project.

 

You asked if it is allowed to transfer the contractual ownership of DMC land for the purpose of providing security. In regard to your question, DMC land is subject to the following laws and regulations.

▷ Land is sold on the condition that the purchaser uses the land in strict accordance with a business plan submitted when applying for purchase.

▷ Land must be developed according to the Development Period, Designated Use and other special provisions specified in a contract.

▷ Assignment of contractual status, transfer of land ownership, creation of encumbrances and other actions, which are likely to hinder the performance of business plans and/or the accomplishment of a goal pursued by land supply, are prohibited in principle.

 

The above may at times be allowed exceptionally. However, the exceptions are made by considering all relevant facts and circumstances such as a land lot's impact on DMC project progress or accomplishment of DMC goal. Therefore, we cannot give you an answer to your general inquiry and requirements thereof.



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