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A Study on the Including Development Gain to Sale Claim Price Appraisal for Reconstruction Project

  • Korea Real Estate Review
  • 2013, 23(2), pp.257-279
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

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ABSTRACT

In reconstruction project, a project operator secures the ownership of the real estate of an owner that is not entitled to have the qualification of an union member or does not agree with the project through claim for sale. As for the claim for sale, the agreement is deemed to be concluded in case the union as a project operator exert the right of the claim, and the sale price is determined by a court. The price of claim for sale is set through a precedent which provides that the development profits from this project shall be contained, and the method to contain the development profits is specified in the transaction comparative social law. The price of real estate commonly has dealings in consideration of profits that are expected to occur in the future, and since the transaction prices of the real estate in the reconstruction area are formed by reflecting the expected benefits resulting from the project implementation, the price calculated based on these transaction criteria can be considered to reflect the development projects properly. However, the real estate usually has different prices formed depending on individuals due to its unique characteristics, which is demonstrated in the result of analyzing transactions of houses with similar features in the same project area. Thus, it cannot be said to reflect the proper development profits in case of evaluating claim for sale based on different transaction price. In this regard, this study pointed out that to address these problems, there is a need for a method to calculate the proper development profits using methods utilized in the previous valuation, and to determine the range of resonable development profits and appropriateness of transaction cases through a comparative analysis of transaction prices by estimating the actual value of equity in which the development profits are reflected. Hopefully, this study will be helpful to lead to an amicable agreement through the resolution of complaints about the development profits, which serve as the subject of dispute between clamant for sale and the other party.

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