The judgment below is reversed and the case is remanded to Seoul High Court.

The grounds of appeal are examined.

1. Article 40(1) of the former Housing Act (amended by Act No. 9405, Feb. 3, 2009; hereinafter “former Housing Act”) provides that, with respect to housing and housing sites constructed under a housing construction project implemented by a project proprietor after obtaining approval of the project plan, the project proprietor shall not dispose of the relevant housing and housing site or establish a limited real right without the consent of the prospective occupants during the period of 60 days from the date on which the prospective occupants can file an application for the registration of ownership transfer of the relevant housing and housing site after the date on which the date on which the approval of the invitation of occupants can be granted, and Paragraph (2) of the same Article provides that, with regard to restrictions on mortgage, etc. under paragraph (1), the project proprietor shall additionally register that the relevant housing or housing site is not subject to transfer without the consent of the prospective occupants, establishment of the restricted real right, seizure, provisional seizure, disposal, etc., and that the provisional registration under paragraph (3) shall be effective when the relevant housing site should be publicly notified or invalidated at the same time after the registration of ownership transfer.

The purpose of each provision is to prohibit the disposal of the business entity with respect to the relevant housing or housing site and the establishment of security rights, etc. for a certain period of time so that the prospective occupants can acquire the ownership of the housing or housing site constructed by the housing construction project.