If Early, Hong Nam-gi Prevention Law to Be Established This Week... Tenant Lease Renewal Specification to Be Promoted

Ministry of Land, Infrastructure and Transport: "The revision is not due to Vice Prime Minister Hong's house sale issue"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government is pushing for a measure that requires the contract to specify whether the existing tenant has exercised the right to request a lease renewal when selling a house with a jeonse deposit.

According to the Ministry of Land, Infrastructure and Transport on the 18th, the enforcement rules of the Licensed Real Estate Agents Act will be revised to clearly indicate whether the tenant has exercised the right to request a lease renewal and whether they have waived this right and decided to move out when contracting a house with a jeonse deposit. This measure comes as the government seeks to address increasing cases where buyers who purchased homes for actual residence after the new lease law took effect at the end of July face difficulties due to changes of mind by existing tenants.

The revision of the enforcement rules of the Licensed Real Estate Agents Act is expected to be announced for legislative notice as early as this week.

In fact, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is also experiencing difficulties in disposing of his house in Uiwang, Gyeonggi Province, after the tenant exercised the right to request a lease renewal following the sales contract.

Following the situation where he had to vacate a jeonse house in Mapo-gu, Seoul, due to the impact of policies he oversaw, he is now also unable to dispose of his house.

In response to criticism that the revision of the enforcement rules was delayed until after Hong Nam-ki’s case came to light, a Ministry of Land, Infrastructure and Transport official explained, "The issue of licensed real estate agents needing to confirm whether the renewal right has been exercised was raised by the media and others, and the matter has been under consideration since the end of last month. The revision is not being made because of Deputy Prime Minister Hong Nam-ki’s house sale issue."

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