Gwangjin-gu 'Housing Lease Reporting System' Implementation Notice

Mandatory reporting within 30 days to the local community service center or Real Estate Transaction Management System for lease contracts with a deposit exceeding 60 million KRW or monthly rent over 300,000 KRW

[Asia Economy Reporter Jong-il Park] Gwangjin-gu (Mayor Kim Seon-gap) is providing guidance to residents to report lease contracts within the deadline following the implementation of the ‘Housing Lease Reporting System’ starting from the 1st.

The Housing Lease Reporting System is a system introduced to enhance transaction transparency and strengthen tenant rights protection by having the parties involved in a lease contract report the contract details and make them public.

The reporting target includes housing lease contracts (new, renewal, termination) with a deposit exceeding 60 million KRW or monthly rent exceeding 300,000 KRW after June 1. Renewal contracts without any change in amount are excluded from the reporting requirement.

The reporting method is, in principle, a joint report by the contract parties within 30 days from the contract date. One party may visit the local community service center with the original contract or submit a delegated report through the Real Estate Transaction Management System, allowing the entire process including the issuance of a confirmed date to be completed at once.

The reporting items include general contract details according to the standard lease contract form such as personal information of the lessor and lessee, leased property information, rent, lease period, contract date, and whether the tenant exercises the ‘right to request contract renewal’ if they wish to renew the contract.

Additionally, with the implementation of this reporting system, false contracts, non-reporting, or delayed reporting of housing leases may result in fines up to 1 million KRW depending on the contract details. However, to allow residents to adapt to the new system, a one-year grace period will be in place until May 31 of next year, during which no fines will be imposed.

Kim Seon-gap, Mayor of Gwangjin-gu, stated, “As this is a newly implemented system, we will support residents to easily understand and report in a timely manner,” and added, “We will do our best to ensure the early establishment of the Housing Lease Reporting System to create a transparent transaction environment.”

For more details regarding the Housing Lease Reporting System, please contact the Real Estate Information Division of Gwangjin-gu.

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