Real Estate Actual Transaction Reporting Period Shortened from 60 Days to Within 30 Days

Revised "Real Estate Transaction Report Act" to Take Effect from February 21

[Asia Economy Reporter Jongil Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) announced on the 11th that the real estate transaction reporting deadline will be shortened from the existing 60 days to 30 days starting from the 21st.

According to the revised "Act on Reporting Real Estate Transactions, etc.," when a real estate sales contract is concluded, it must be reported to the competent authority of the location of the real estate within 30 days from the date of the transaction contract.

Even if the transaction contract is canceled, invalidated, or rescinded, a cancellation report must be submitted within 30 days from the date of confirmation.

This is to enhance the promptness and accuracy of real estate transaction information and to prevent market disruption caused by false reporting.

If the report is not submitted within the 30-day real transaction reporting period, a fine of up to 3 million KRW will be imposed, and if the contract is canceled but not reported, a fine of up to 5 million KRW will be imposed, so special attention from the parties involved in the transaction is required.

Also, if a false contract report is made even though the transaction or cancellation contract did not actually take place, a fine of up to 30 million KRW will be imposed.

A district official said, "Special attention is required to prevent fines caused by delayed reporting of real estate transactions," and added, "We will do our best to prevent real estate speculation, establish transparent real estate transaction order, and avoid fines."

Gangseo-gu Office Real Estate Information Division (☎2600-6305)