Seoul City to Implement 'Housing Lease Reporting System' from June... "Applies to Renewal Contracts as Well"

For Houses with a Deposit Over 60 Million KRW or Monthly Rent Over 300,000 KRW
Free One-Stop Service for Fixed Date Registration Without a Visit, Just with the Contract

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 31st that starting June 1, it will operate the ‘Housing Lease Reporting System,’ which requires contracting parties to report key contract details such as rent and lease period when signing a housing lease contract.

This follows the revision of the ‘Real Estate Transaction Reporting Act’ last August to ensure transparency in the lease market through rent disclosure and to strengthen tenant rights protection by providing information.

With the automatic issuance of a fixed date upon lease contract reporting, tenants can protect their rights simply by reporting the contract.

The system applies to housing lease contracts with a deposit exceeding 60 million KRW or monthly rent exceeding 300,000 KRW. The contract details must be mandatorily reported within 30 days from the contract signing date.

The reporting requirement applies not only to new contracts signed after June 1 but also to renewal contracts with price changes or cancellations of existing contracts.

A fine of up to 1 million KRW will be imposed for failure to report or false reporting. However, considering citizens’ adaptation period to the new system, a one-year grace period will be designated from the implementation date during which fines will not be imposed.

Reports can be made at the integrated civil service counters of the local community service centers where the housing is located, and also online remotely through the Real Estate Transaction Management System. For more details, inquiries can be made to the Housing Lease Consultation Call Center or the district office (community service center) where the housing is located.

Lee Jeong-hwa, Director of the Seoul City Urban Planning Bureau, stated, “We expect that the implementation of this reporting system will enhance tenant rights protection along with citizen convenience,” and urged, “If visiting in person is difficult due to COVID-19 concerns, please actively use the non-face-to-face reporting option.”

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