Tag: Korean Apartment Sales Agreements

In the recent past, Korean real estate developers offered potential buyers of apartment complexes that were not yet built in Korea favorable terms, including, temporary interest-free loans. However, with the economic downturn, rising vacancies, construction delays, construction defects, construction variances, and increasing interest rates many buyers are attempting to cancel apartment sales contracts in Korea through lawsuits at Korean courts. Many buyers are facing severe difficulties in paying mortgages and see some apartments as worth substantially less than the initial purchase price. Cancellation of these sales agreements

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