Seongdong-gu, Real Estate Transaction Reporting SMS Notification Service

Seongdong-gu Implements 'Text Alert Service' for Mandatory Post-Real Estate Transaction Reporting... Prevents Penalties Such as Fines, Leaflet Production and Distribution Planned for Second Half of the Year

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jung Won-oh) has implemented a 'Text Alert Service' starting from the 10th to notify residents of mandatory obligations following real estate transaction reporting.

This service sends guidance via text message (SMS) to buyers or transferees to ensure they do not miss essential tasks after reporting real estate transactions or applying for verification. In the second half of this year, related informational leaflets will also be produced and distributed.

After completing the real estate transaction report, acquisition tax must be declared and ownership transfer registration applied for within 60 days from the payment date. Failure to comply within 60 days results in an additional 20% penalty on the acquisition tax and a real estate registration delay fine. If the ownership transfer registration delay exceeds three years, it is considered long-term non-registration, and a surcharge of up to 30% of the real estate appraisal value may be imposed.

Many residents have previously been unaware of these regulations during real estate sales and suffered disadvantages such as fines for failing to apply for ownership transfer registration within the deadline.

An official from the district stated, "The volume of real estate transactions in the district is considerable, averaging over 850 cases per month," adding, "This service was implemented to prevent disadvantages such as fines caused by negligence as much as possible in advance."

Jung Won-oh, Mayor of Seongdong-gu, said, "I believe that small but practical administrative services like this text alert service are essential for improving residents' quality of life," and added, "We will continue to make our best efforts to protect residents' property rights and ensure a happy life."

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