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Cabinet approves amendment to make property prices more transparent

2018/05/03 19:18:05

Taipei, May 3 (CNA) The Cabinet passed a draft amendment on Thursday that seeks to make the registration of property transaction prices more transparent and faster.

The proposed amendment makes five changes to the three acts governing the registration of real estate sales prices in Taiwan, one of which makes the exact selling price of each individual property available to the public whereas the current practice is to list the figure under a group of properties in a certain section or block, Vice Interior Minister Hua Ching-chun (花敬群) told members of the press.

Other changes include bringing the deadline for registering sale prices during a real estate transaction forward from within 30 days after the title transfer to during the application for the title transfer, as well as the deadline for registering the prices of pre-sold houses from within 30 days of the finalization of the realtor's sale of the property to within 30 days of the sale agreement being signed, Hua noted.

The proposal also allows relevant agencies to step in and verify information and documents when in doubt, and to impose fines ranging from NT$30,000 (US$1,000) to NT$150,000 for violations, the vice minister continued.

According to Cabinet spokesman Hsu Kuo-yung (徐國勇), Premier Lai Ching-te (賴清德) expressed hope that the amendment will make available to the public more real time and transparent housing information, thereby promoting housing justice nationwide.

In contrast, research department chief Hsu Chia-hsin (徐佳馨) of H&B Business Group, a leading real estate agency, said the amendment, which makes public all the information between buyers and sellers, will lead to owners who value their privacy finding ways to protect it.

When asked if the amendment could lead to the leak of personal information, Hua said that real estate data does not qualify as personal information.

The draft amendment will now go to the Legislature for review.

(By Ku Chuan, Wei Shu and Kuan-lin Liu)
Enditem/AW