Gyeonggi-do Produces Revised Version of Real Estate Brokerage Commission Rate Table

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has produced a revised version of the 'Gyeonggi Province Real Estate Brokerage Fee Rate Table,' which mainly aims to ease the brokerage fee burden on residents due to rising real estate prices.

This revised edition reflects the 'Ordinance on Housing Brokerage Fees in Gyeonggi Province,' which was reorganized following the amendment of the 'Certified Real Estate Agent Act Enforcement Rules' on October 19 last year.

The amended ordinance subdivides the existing high-value sections for sales, exchanges, and leases (sales/exchange over 900 million KRW, lease over 600 million KRW) into three segments each. It also lowers the maximum rates to reduce the brokerage fee burden on residents caused by rising real estate prices.

To produce and distribute the 'Gyeonggi Province Real Estate Brokerage Fee Rate Table,' the province newly established a basis for the production and support of the fee rate table in the amended ordinance. The province plans to produce 35,000 copies of the rate table and deliver them to frontline brokerage offices through the provincial government office, city/county/district branch offices, and with the help of the Certified Real Estate Agents Association branches and chapters.

Hong Ji-seon, Director of the Urban Housing Office of the province, explained, "This will contribute to easing the brokerage fee burden on residents, preventing excessive brokerage fees in advance, and establishing a fair real estate transaction order."

Meanwhile, the brokerage fee rate table is a mandatory posting item for brokerage offices and is produced to prevent confusion over brokerage fees between clients and certified real estate agents during brokerage transactions.

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