President Yoo Byung-tae of Korea Housing & Urban Guarantee Corp. (HUG) took office as 9th president of HUG at Busan International Finance Center on June 20.
President Yoo, who had served as director with Koramco Reits Management and Trust Co. until recently, received a certificate of appointment from Minister Won Hee-ryong of the Ministry of Land, Infrastructure and Transport the previous day.
In his inaugural speech at the inauguration ceremony, President Yoo said, “I feel a heavy responsibility, taking office as a new head of HUG when its roles and importance get greater.”
President Yoo said he would prioritize concentrating capabilities to realize public housing stability by expanding of housing supply and restoring of market functions.
HUG said new President Yoo pledged to implement steps, such as the operation of a jeonse cheating victim support center and supporting public bidding and sale procedures to protect tenants’ jeonse deposit money and support jeonse cheating victims.
President Yoo unveiled steps, such as raising public housing stability and supporting urban renewal, securing financial soundness to stabilize guarantee supply and reinventing of inside infrastructure.
President Yoo obtained a master’s degree in law from Seoul National University in 1988. He held positions in Korea Long-Term Credit Bank and KB Real Estate Trust before serving as a director with Koramco Reits Management and Trust Co.
An image of a poster to promote the Safe Jeonse App 2.0, released by Korea Housing & Urban Guarantee Corp. (HUG).
HUG Releases ‘Safe Jeonse App 2.0’ Platform to Fend Off Cheating
News on Jeonse victims has continued to spring up, but one-member households are particularly affected since they move more often and need to strike jeonse or monthly rental contracts.
In this backdrop, such households may receive assistance from safe contract help services, supported by the government, but such services may be not be effective for various reasons.
Now there is an app designed to lend a hand to those who badly want reliable information in these situations.
MOLIT and Korea Housing & Urban Guarantee Corp. (HUG) released the Safe Jeonse App 2.0 on May 31.
Safe Jeonse App 2.0 is an upgrade version of “Safe Jeonse App,” which made its debut in February to prevent jeonse cheating.
Minister Won Hee-ryong of the Ministry of Land, Infrastructure and Transport speaks of the Safe Jeonse App at the Seoul Government Complex in February. (Photo on the courtesy of Yonhap News Agency)
You can turn to Safe Jeonse App 2.0 to confirm whether taxes and provincial taxes of house owners are in arrears under conditions the house owners agree to do so.
The “My Home App” was designed for beginners who do not know what to do prior to the singing of a contract and those who want to start an independent life.
The app is a housing welfare portal operated by the Ministry of Land, Infrastructure and Transport (MOLIT).
The app has a collection of information ranging from a notice of the application of public rental houses across the nation to information on transactions of jeonse and monthly rental houses.
If you want to know information on jeonse and monthly rental transactions, you may turn to the category “Real Estate Common Sense,” which contains a list of things that are required to be confirmed according in the pre-contract stage, contract stage and post-contract stage.
You just need to input basic information, such as current housing types, household income.
In order to minimize jeonse cheating incidents, it is better to confirm house transaction prices, jeonse prices and current prices. It is better to avoid homes whose current prices have no wide gaps with jeonse prices.
In that situation, you may turn to an app designed to reflect current house prices in the surrounding area.
When you want to sign a contract, you have to confirm a certified copy of the real estate register. You can confirm it by logging into the online real estate register.
After that, you can enter only the address of the given house, even if you do not the name of its owner.
Those who have habitually and intentionally refused to return jeonse deposits will be made known publicly from late 2023 with the pending revision of related laws.
House owners who fail to return jeonse deposits due to financial hardships, albeit not intentionally, will be given the chance to prove it not intentionally, and a committee on screening the disclosure of information on lessors will have a final say on the matter.
House owners who meet given conditions will be issued with a “safe house owner certificate to help tenants sign jeonse or monthly rental contracts.
As for licensed real estate agents, information on current and past transactions will be made known publicly.
MOLIT Minister Won Hee-ryong, The Safe Jeonse App has been upgraded by reflecting outcomes of discussions with youth, and when you sign a jeonse contract, you need to download the app as a necessity.”
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