Essential Tips to Prevent Scams Before Joining a Local Housing Association

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Excited about buying your first home?

Don't join without verifying important details!

To avoid falling for false advertisements,

check your eligibility as a member

and review the tips below!

Let's explore the essential tips to verify before joining a housing association:

1️⃣ Are you being misled by exaggerated advertisements?

✅ Confirm if the recruitment is reported to the city,

and ensure the area is designated for apartment construction!

(e.g., Type 2 Residential Zone, General Residential Zone)

<Examples of False Advertising>

✅ Offering specific building units and confirmed prices based on uncertain business plans

✅ Promoting a construction company as if it has been officially selected

2️⃣ Do you qualify as a member?

✅ Must be a non-homeowner from the date of application for the housing association

(one housing unit with a residential area of 85 square meters or less, or ownership of a sale right)

✅ Must have resided in the metropolitan area (Seoul, Incheon, Gyeonggi) for over six months as of the application date

3️⃣ Is the land use right and ownership secured for the project site?

✅ At least 80% land use rights

and 15% land ownership must be secured upon application for association establishment

✅ 80% ownership of the land must be secured when applying for project approval

4️⃣ Important Notes

✅ Be cautious of potential additional fees due to fluctuations in land purchase prices, business plans, and construction costs.

Always check the refund amount and conditions if you decide to withdraw from membership!

✅ The designation of units and sale prices will only be known after project approval,

making it impossible to confirm during member recruitment.

✅ Ensure there are no unfavorable terms for members in the membership contract and association regulations.

Remember, each member is a stakeholder in the housing association, so make your decisions wisely!

Be aware that the project plans in recruitment announcements are not finalized, and do not be misled by unverified or exaggerated advertisements.

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Source :https://blog.naver.com/gimpo2010/224425110615

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