Changwon City to Implement Housing Lease Reporting System Starting June 1

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City, Gyeongnam Province, will implement the 'Housing Lease Reporting System' starting June 1, requiring parties involved in housing lease contracts to report key contract details such as rent and lease period.

The Housing Lease Reporting System is designed to disclose lease market information and protect tenants' rights.

For housing lease contracts with a deposit exceeding 60 million KRW or monthly rent exceeding 300,000 KRW, the parties must mandatorily report the key contract details within 30 days from the contract signing date.

The reporting obligation also applies in cases of contract modifications or cancellations.

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 introduction of this new system, a one-year guidance period will be provided from the implementation date.

Reports can be submitted online remotely through the Real Estate Transaction Management System.

Reports can also be submitted in person at the integrated civil service counters of Eup, Myeon, and Dong administrative welfare centers.

Since a confirmed date is automatically assigned upon lease contract reporting, tenants' rights can be protected through the lease contract report.

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