Mokpo City Urges Caution Following Shortened Real Estate Transaction Reporting Deadline

Real Transaction Reporting Deadline Shortened to 30 Days
New Regulation Requires Reporting Within 30 Days Even When Contract is Canceled

Mokpo City Hall (Photo by Mokpo City)

[Asia Economy Honam Reporting Headquarters Reporter Jeong Hyeong-seok] Mokpo City announced on the 13th that the partial amendment to the "Act on Reporting Real Estate Transactions," including the shortening of the real estate transaction reporting deadline, will take effect from the 21st.

According to the amendment, when a real estate sales contract is concluded, the real estate transaction reporting deadline has been shortened from the existing 60 days to 30 days. Additionally, if the transaction contract is canceled, invalidated, or rescinded after reporting the real estate transaction, it must be reported within 30 days from the date the cancellation is confirmed.

Mokpo City is urging citizens to be cautious to avoid fines due to unfamiliarity with the amendments and is actively promoting the changes through postings on the city website and banners.

A Mokpo City official stated, "This legal amendment aims to strengthen the effectiveness of the reporting system through real estate transaction reporting and to prevent market disruption caused by false reporting," adding, "Violations may result in fines of up to 5 million won, so parties involved in transactions must exercise special caution."

This content was produced with the assistance of AI translation services.