Naju City Shortens Real Estate Transaction Reporting Deadline to 30 Days

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 14th that starting from the 21st, the reporting period for real estate transactions will be shortened from the current 60 days from the contract date to within 30 days, due to the amendment of the "Act on Reporting Real Estate Transactions, etc."

According to the amended law, even if the contract is canceled or nullified after reporting the real estate transaction, it must be reported within 30 days from the date the cancellation is confirmed.

Violations of this will result in a fine of up to 5 million won.

This amendment aims to secure the timeliness and accuracy of real transaction information and strengthen investigations into illegal activities.

A new prohibition regulation on false contract reporting has been established, and if a false real transaction report is made despite no contract being concluded or canceled, a fine of up to 30 million won may be imposed.

Whistleblowers or reporters of illegal activities will be rewarded with a reporting incentive.

The city plans to distribute and place promotional leaflets at the city hall, eup/myeon/dong administrative welfare centers, local licensed real estate agents, and notary offices to prevent confusion due to the amendment of the relevant law.

A city official said, “We will do our best to promote this amendment to the real estate transaction reporting law to prevent any disadvantages to citizens.”

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