Fri, Jan 17, 2014 - Page 3 News List

Effects of changed property law worry city’s deputy mayor

By Mo Yan-chih  /  Staff reporter

Taipei Deputy Mayor Chang Ching-oh (張金鶚) yesterday expressed concern about the impact of amendments to the Land Administration Agent Act (地政士法) on the property value registration policy and said the city government would ensure the accuracy of registered real-estate prices and heavily fine people who violate the law.

The amendments, which were passed on Jan. 3, give land administration agents a grace period of seven to 15 days to make corrections to property values if the price they registered is found to be inaccurate. Those who fail to make corrections within the period will face a fine from NT$30,000 to NT$150,000.

Amid concern that the amendments could damage the government’s efforts to make real-estate prices transparent for the public, Chang, a real-estate expert, said the grace period makes it possible for agents and real-estate brokers to provide false information on property transaction values.

Chang adding that the lawmakers should have been more cautious about passing the amendments.

The government should also address the issue of presale properties if it aims to prevent house prices from skyrocketing, he said.

“As a local government, the Taipei City Government has to follow the amendments. We will conduct tougher inspections on real-estate transactions and give heavy fines to those who violate the regulations,” he said.

The government launched its real-estate property registration system in August last year and demanded that land administration agents, real-estate buyers and real-estate brokers register property transaction values within 30 days of closing a property deal.

If the parties involved fail to do so within the required 30 days, land administration agents and real-estate brokers will be subject to the fines.

According to the city government, eight land administration agents or real-estate brokers have been fined since the system was launched.

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