From February 21, Real Estate Transaction Reporting Deadline Shortened to 30 Days, Penalties Imposed for Violations... Active Promotion of Deadline Reduction at 517 Real Estate Agencies in Dobong-gu
[Asia Economy Reporter Jongil Park] Dobong-gu (Mayor Dongjin Lee) announced that starting from February 21, the reporting deadline for real estate transactions will be shortened from within 60 days of the transaction contract date to within 30 days.
Additionally, if the reported real estate transaction contract is canceled, invalidated, or rescinded, it must be reported to the district office (the reporting authority of the property's location) within 30 days from the date the cancellation is confirmed.
The revised regulation will apply to contracts first concluded from February 21, 2020, and a fine will be imposed if false real estate transaction reports are submitted.
The district actively promoted this change to 517 real estate brokerage offices to reduce confusion among residents due to the legal amendment.
An official from the district stated that they will make every effort to prevent confusion during the enforcement of the partial amendment to the Act on Reporting Real Estate Transactions and ensure that no residents suffer damages due to fines imposed for delayed reporting.
Dobong-gu Office Real Estate Information Division (2091-3705)
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