Sejong-si to Pilot Housing Lease Reporting System... Full Implementation from June

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City will begin a pilot operation of the housing lease reporting system starting from the 19th of this month.

According to the city on the 18th, the housing lease reporting system is implemented to disclose lease market information and assist in making rational decisions during lease contracts.

This system is scheduled to be fully enforced from June 1st, following the amendment of the "Real Estate Transaction Reporting Act" in August last year.

Accordingly, from June, when entering into a lease contract for a house with a deposit exceeding 60 million won or a monthly rent of 300,000 won or more, both the lessor and lessee must report the key contract details such as rent and lease period within 30 days from the contract signing date.

The obligation to report housing leases also applies when there are changes or cancellations to the contract terms.

If the contract is not reported at the time of signing or false information is reported, a fine of up to 1 million won will be imposed.

However, considering the adaptation period for the general public due to the introduction of the new system, a guidance period will be operated for one year from the enforcement date.

Reports can be submitted offline at the integrated civil service counters of Eup, Myeon, and Dong community centers, and for convenience, non-face-to-face (online) reporting is also possible through the Real Estate Transaction Management System without visiting the community center.

The pilot operation period lasts until May 31st, and during this period, the city plans to inform citizens visiting the Boram-dong Community Center for moving-in registration and fixed date certification about the system and accept reports.

Kim Jae-ju, head of the Land Information Division of the city, said, “Through the housing lease reporting system, housing lease market information will be transparently disclosed, enabling rational decision-making during lease contracts and improving transaction convenience.”

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