Paju-si Extends Guidance on 'Housing Lease Reporting System' Until May Next Year

Contracts with a Deposit Exceeding 60 Million Won or Monthly Rent Over 300,000 Won, Subject to Amount Adjustment and Renewal

Paju City Hall

[Asia Economy Reporter Ra Young-cheol] Paju City, Gyeonggi Province, announced on the 21st that "the grace period for the Lease Reporting System will be extended by one year until May next year."

The 'Lease Reporting System' is a policy implemented since June last year to transparently provide actual transaction information in the lease market and to protect the rights of tenants.

The target contracts are those with a deposit exceeding 60 million won or a monthly rent exceeding 300,000 won, including renewals with changes in amount. If not reported before the end of the grace period, a fine will be imposed.

The reporting method requires submitting a contract signed or sealed by all parties involved, or jointly signing or sealing the lease report form.

Reports can be made by visiting the administrative welfare center of the jurisdictional eup, myeon, or dong of the leased house, or by reporting through the 'Real Estate Transaction Management System.'

Kim Nana, Director of the Land Information Division, said, "We will ensure that the contracting parties do not suffer disadvantages due to lack of proper awareness of the reporting system."

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