Case of Successful Cancellation of a Commercial Real Estate Contract D…
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1. Summary
A Chinese national (“Client”) was interested in exploring investment opportunities and looked into a commercial building located in Busan. The developer advised that if the Client could immediately pay 0.1 billion KRW, the Client would easily buy the building for 1 billion KRW with a commercial real estate mortgage loan covering the remaining balance. Based on the developer’s statement that “foreigners can get mid-term and final payments loans without any issues,” the Client paid 1 billion KRW and signed the contract.
However, contrary to the developer’s initial representation that the mid-term and final payments loan is guaranteed, the Client, being a foreign national, faced stricter income requirements, making it impossible to obtain any loan. Then, the developer began pressing the Client to pay the mid-term and final payments directly, The Client who had signed the contract based on the belief that the mid-term and final payments loan would be guaranteed, had neither the capability nor the intention to execute the contract if such loan was unavailable. Therefore, the Client reached out to our firm to seek cancellation of the contract and a refund of the initial payment.
2. Our Role
We filed a lawsuit demanding the cancellation of the contract and the return of the initial payment on the ground that the developer had stated, "Interim and final payment loans are guaranteed unconditionally, regardless of the applicant’s nationality." For the Client, this constituted: (1) a misrepresentation regarding a significant condition of the contract, and (2) a lack of explanation regarding the requirement for the buyer to pay the mid-term and final payments himself if the loan was denied.
3. Significance
After receipt of the claim, the developer offered to reach an amicable settlement. We swiftly negotiated the settlement terms, drafting an agreement and ensuring that the whole amount of initial payment was returned to the Client. The case was resolved promptly, and the Client was able to find relief after several months of distress and anxiety.
4. Client Testimonial
“In the midst of my struggles and pain, KORUS LAW’s attorneys felt like a beacon of hope, giving me a lifeline when I needed it most. I am truly grateful to Minseok Ko and Mansu Kim for their genuine support.
When I first got involved in this case, it felt like my world was falling apart.
After meeting with the attorneys and discussing my situation, I found the strength to move forward. Their reassuring words lifted a huge burden off my shoulders.
The case was handled swiftly and efficiently, and when I heard it had been resolved, tears of relief flowed as the weight of the world was finally lifted off me.
I sincerely hope KORUS LAW’s attorneys continue to be a source of strength for many others who are struggling, just as they were for me.”
Client: ** Wang
A Chinese national (“Client”) was interested in exploring investment opportunities and looked into a commercial building located in Busan. The developer advised that if the Client could immediately pay 0.1 billion KRW, the Client would easily buy the building for 1 billion KRW with a commercial real estate mortgage loan covering the remaining balance. Based on the developer’s statement that “foreigners can get mid-term and final payments loans without any issues,” the Client paid 1 billion KRW and signed the contract.
However, contrary to the developer’s initial representation that the mid-term and final payments loan is guaranteed, the Client, being a foreign national, faced stricter income requirements, making it impossible to obtain any loan. Then, the developer began pressing the Client to pay the mid-term and final payments directly, The Client who had signed the contract based on the belief that the mid-term and final payments loan would be guaranteed, had neither the capability nor the intention to execute the contract if such loan was unavailable. Therefore, the Client reached out to our firm to seek cancellation of the contract and a refund of the initial payment.
2. Our Role
We filed a lawsuit demanding the cancellation of the contract and the return of the initial payment on the ground that the developer had stated, "Interim and final payment loans are guaranteed unconditionally, regardless of the applicant’s nationality." For the Client, this constituted: (1) a misrepresentation regarding a significant condition of the contract, and (2) a lack of explanation regarding the requirement for the buyer to pay the mid-term and final payments himself if the loan was denied.
3. Significance
After receipt of the claim, the developer offered to reach an amicable settlement. We swiftly negotiated the settlement terms, drafting an agreement and ensuring that the whole amount of initial payment was returned to the Client. The case was resolved promptly, and the Client was able to find relief after several months of distress and anxiety.
4. Client Testimonial
“In the midst of my struggles and pain, KORUS LAW’s attorneys felt like a beacon of hope, giving me a lifeline when I needed it most. I am truly grateful to Minseok Ko and Mansu Kim for their genuine support.
When I first got involved in this case, it felt like my world was falling apart.
After meeting with the attorneys and discussing my situation, I found the strength to move forward. Their reassuring words lifted a huge burden off my shoulders.
The case was handled swiftly and efficiently, and when I heard it had been resolved, tears of relief flowed as the weight of the world was finally lifted off me.
I sincerely hope KORUS LAW’s attorneys continue to be a source of strength for many others who are struggling, just as they were for me.”
Client: ** Wang