Report Within 30 Days When Signing a Housing Lease Contract

Yongsan-gu to Implement Housing Lease Contract Reporting System from June... Applicable for Lease Deposits Over 60 Million KRW or Monthly Rent Over 300,000 KRW

[Asia Economy Reporter Jong-il Park] Yongsan-gu (Mayor Seongjanghyun) will operate the housing lease contract reporting system starting June 1.

The housing lease contract reporting system is a measure introduced to protect tenants' rights by requiring parties to a lease contract to report contract details to the local community service center of the housing location, thereby transparently disclosing market information.

The reporting target includes contracts made after June 1, 2021, and requires submission of a housing lease contract report form when entering into a lease contract (new or renewal) for housing (apartments, multi-family houses, goshiwon, housing within commercial buildings, etc.) with a deposit exceeding 60 million KRW or monthly rent exceeding 300,000 KRW.

The reporting deadline is within 30 days from the contract date, and renewal contracts without changes in contract amount are excluded from reporting.

The report form must be jointly signed (sealed) by both lessor and lessee, and one party submits it to the local community service center. Proxy reporting or online reporting through the real estate transaction management system is also possible.

It is possible to report using only the lease contract without filling out the report form. In this case, the fixed date is processed by default (batch processing), so if you need to receive a fixed date along with the report, it is recommended to prepare the lease contract.

When reporting online, you can submit scanned originals of the contract or photos taken by smartphone in PDF, JPG, or PNG file formats.

A fine of up to 1 million KRW will be imposed for failure to report or false reporting of lease contracts. For delayed reporting, fines will be imposed differentially according to contract amount and delay period. However, considering the adaptation period for the new system, no fines will be imposed for one year from the implementation date (June 1, 2021 to May 31, 2022).

Mayor Seongjanghyun of Yongsan-gu said, “The housing lease contract reporting system will help citizens make rational decisions,” and added, “Please report immediately after housing contracts to avoid fines.”

The district also operates a real estate actual transaction reporting system. The reporting deadline is within 30 days after the contract, and cancellation of real estate transactions is also subject to reporting. A fine of up to 3 million KRW will be imposed for delayed actual transaction reporting.

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