Yeosu-si to Implement 'Housing Lease Reporting System' Starting June 1

Lease Registration and Fixed Date Confirmation at Once with Contract Agreement

[Asia Economy Honam Reporting Headquarters Reporter Shim Kyung-taek] Yeosu City, Jeollanam-do, will launch the ‘Housing Lease Reporting System,’ which requires contract parties to mandatorily report key contract details such as rent and lease period when signing a housing lease contract, starting June 1.

According to the city, the ‘Housing Lease Reporting System’ is a policy aimed at protecting tenants and enhancing transparency in the lease market. Once the reporting system is introduced, tenants will be able to view actual transaction information for jeonse and monthly rent within the region at a glance.

Since reporting lease contracts is mandatory, a fixed date will be automatically assigned upon reporting, enabling tenants to protect their rights simply by reporting the lease contract.

Following the enforcement of the amended ‘Real Estate Transaction Reporting Act’ in August last year, when a housing lease contract exceeds a deposit of 60 million KRW or a monthly rent of 300,000 KRW, the contract parties must jointly report the contract details within 30 days from the contract signing date.

The reporting obligation also applies to changes or cancellations of contract details, and failure to report or false reporting will result in a fine of up to 1 million KRW. Considering the adaptation period for the general public due to the new system, a one-year grace period will be provided from the enforcement date.

Reports can be made at the integrated civil service counters of eup, myeon, and dong community centers, and can also be submitted online remotely through the Real Estate Transaction Management System.

A city official stated, “We expect that transparent disclosure of housing lease market information will improve convenience in transactions by enabling rational decision-making when signing lease contracts,” adding, “We will thoroughly prepare in advance by educating eup, myeon, and dong staff and conducting on-site guidance and inspections to ensure citizens do not experience inconvenience.”

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