‘Jjaekkak Jjaekkak’ ... Busan Gijang-gun Approaches Imposition of Fines for False or Unreported Housing Lease Contracts

Notice Poster for the End of the Grace Period for Housing Lease Reporting in Gijang-gun.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan Gijang-gun announced that the guidance period for reporting housing lease (jeonse and monthly rent) contracts concluded since June 1 of last year will end on the 31st of this month, and from June 1, fines will be imposed on unreported cases.

The housing lease reporting system was introduced in June last year following the amendment of the "Real Estate Transaction Reporting Act" to provide transparent information in the lease market and protect tenants' rights by requiring parties to lease contracts to report contract details.

The reporting targets are housing lease contracts concluded since June 1 of last year where the deposit exceeds 60 million KRW or the monthly rent exceeds 300,000 KRW.

Those subject to reporting must visit the administrative welfare center in their town or township within 30 days from the contract date or report through the online real estate transaction management system.

Until the 31st of this month is the guidance period, during which lease contracts concluded since June 1 of last year must be reported.

Contracts concluded thereafter must be reported within 30 days from the contract date.

A Gijang-gun official said, "Since a fine of up to 1 million KRW will be imposed for violating the housing lease reporting obligation, we ask for special attention to avoid any disadvantages."

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