The Legislature passed several amendments to three property transaction laws Dec. 13 in order to curb speculation and profiteering in the local real estate market.
“These revisions represent the first step in fulfilling ROC President Ma Ying-jeou’s promise in August to build housing justice for the nation,” the Ministry of the Interior said in a press statement released afterward.
The changes to the Real Estate Broking Management Act, Land Administration Agent Act and Equalization of Land Rights Act require that the broker, buyer and administrative agent in a real estate transaction register the actual sales price of the property with local authorities.
Other information such as the location, age and size of the property being sold will also have to be disclosed, but the names of the buyers and sellers will be withheld from the public to protect privacy.
Analysts said the amendments level the playing field for homebuyers, who will have access in the future to such critical information as how much a house was sold for and when the last transaction on the property was conducted.
Those who provide false information, or who fail to provide the required information, are subject to a fine of between NT$30,000 (US$990) and NT$150,000, the amendments state.
In response to the fears of those claiming the new laws could result in higher taxes for property owners, the MOI said the current revisions only aim at creating a more transparent and fairer real estate market.
Tax rates will not change until the appropriate modifications are made to land and housing taxes, the MOI added.
In related news, the Legislature passed the Housing Act Dec. 13, giving the government the right to build more rental properties and to distribute benefits to disadvantaged families intending to buy a home. (HZW)
Write to Aaron Hsu at pj1210meister@mail.gio.gov.tw