Sejong-si, Real Estate Transaction Reporting Period Shortened from 60 Days to 30 Days

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City announced on the 17th that starting from the 21st, the local real estate transaction reporting period will be shortened from the previous 60 days to 30 days.

The shortening of the reporting period is a measure following the revision and enforcement of the "Act on Reporting Real Estate Transactions, etc." The amendment allows for a fine of up to 5 million KRW to be imposed if the real estate transaction reporting deadline is violated.

Additionally, due to the legal revision, reporting the cancellation of real estate transaction contracts has become mandatory. Even if a real estate transaction contract is invalidated or canceled, it must be reported to the relevant authority within 30 days from the date the cancellation is confirmed.

Falsely reporting transactions that were not actually concluded or cancellations that did not occur is also subject to punishment.

According to the partial amendment of the Licensed Real Estate Agents Act, collusive acts that disrupt the order of real estate transactions, such as price-fixing, are also prohibited. Price-fixing includes inducing residents to list properties at a certain price, coercing licensed real estate agents, or falsely reporting legitimate listings as false listings.

Those who violate the prohibition on price-fixing acts face imprisonment of up to 3 years or a fine of up to 30 million KRW.

Choi Pil-soon, head of the Land Information Division of the city, stated, “We will inspect to ensure that the local real estate market establishes a sound and transparent transaction order through the revised and enforced related laws,” and added, “We ask for the active cooperation of transaction parties and licensed real estate agents and other related persons.”

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