New property transaction rules go into effect
Starting today, real estate brokers will be required to provide prospective buyers with more comprehensive information, including records of any unnatural deaths that may have occurred on the property, Deputy Interior Minister Chen Chwen-jing said Wednesday.
Chen said the number of items on the checklist for real estate brokers will be increased from 90 to around 200, with effect from Oct. 1. One of the major changes is the requirement for full disclosure of any murders, suicides or death by carbon monoxide poisoning that may have occurred during the ownership of the seller, he said.
Real estate brokers will also be required to provide prospective buyers with detailed information pertaining to the site and its environs, Chen said. For example, if they are listing a house for sale, they will have to state whether it has any visible defects, list the direction it faces, and detail the facilities and structures within a 300 meter radius, the ministry said.
The list of surrounding structures should include supermarkets, schools, police stations, administrative agencies, stadiums, airports, power stations, temples, funeral parlors, cemeteries, incinerators, garbage dumps, and petrol stations, according to the ministry.
In the case of prefabricated houses, the real estate brokers must provide records of any flooding within 300 meters of the property in the last five years, according to Chen.
Hsu Chia-hsin , a real estate analyst at HB Housing, said the new regulations will stretch the transaction period and lead to disputes.
For instance, it will be difficult to find out whether there had been any murders in a house listed for sale, Hsu said.