Jeju Island to Implement 'Housing Lease Reporting System' Starting Next Month on the 1st

[Asia Economy Honam Reporting Headquarters (Jeju) Reporter Park Chang-won] Jeju Special Self-Governing Province announced on the 17th that it will launch the 'Housing Lease Reporting System' starting next month on the 1st, following the revision of the Act on Reporting Real Estate Transactions.

The Housing Lease Reporting System is a system that requires the parties to a lease contract to report contract details such as lease period and rent, thereby transparently disclosing lease market information and protecting the rights of tenants.

Accordingly, for housing lease contracts where the deposit exceeds 60 million KRW or the monthly rent exceeds 300,000 KRW (annual rent 3.6 million KRW), both the lessor and lessee must mandatorily report the key contract details such as rent and lease period within 30 days from the contract signing date.

The reporting method is based on the principle that both the lessor and lessee, as parties to the contract, jointly sign or seal the lease contract report form when submitting the report.

However, for convenience, if either the lessor or lessee submits a contract signed or sealed by all parties, it is considered as a joint report.

Lease reporting can be applied for by visiting the local town, township, or neighborhood community service center that has jurisdiction over the leased housing, and for the convenience of reporters, it can also be reported through the Real Estate Transaction Management System without visiting the community center.

The housing lease reporting system is also mandatory when there are changes or cancellations to the contract details. Failure to report or false reporting will result in a fine of up to 1 million KRW; however, considering the adaptation period due to the introduction of the new system, a guidance period of one year will be provided from the implementation date.

Lee Chang-min, Director of the Provincial Urban Construction Bureau, said, “With the Housing Lease Reporting System making the lease market more transparent, it will be possible to make rational decisions by checking surrounding rent information at the time of contract, thereby improving transaction convenience. We will thoroughly prepare and promote in advance to ensure that citizens do not experience any inconvenience.”

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