From the 21st, the 'Real Estate Transaction Report Deadline' Shortened to 30 Days

Gwangjin-gu, Real Estate Transaction Reporting Deadline Shortened to 30 Days from the 21st by Law Amendment; Up to 5 Million KRW Fine for Non-Compliance... Mandatory Reporting Within 30 Days from Confirmation for Contract Cancellation, Nullification, or Rescission

[Asia Economy Reporter Jongil Park] Gwangjin-gu (Mayor Kim Seon-gap) announced that, in accordance with the revision of the 'Real Estate Transaction Reporting Act,' the reporting period for real estate transactions will be shortened from the existing 60 days to 30 days starting from the 21st.

Additionally, if a contract is canceled, invalidated, or rescinded after reporting a real estate transaction, it must be reported within 30 days from the date of confirmation. Failure to comply will result in a fine of up to 5 million KRW.

Furthermore, false contract acts that disrupt real estate transaction order, such as inflating prices by falsely reporting higher transaction prices and then canceling the contract, will be subject to a fine of up to 30 million KRW.

Through the enforcement of this legal amendment, it is expected to enhance the promptness and accuracy of real transaction information, prevent market disruption caused by false reporting, and contribute to establishing a sound and transparent transaction order.

Kim Seon-gap, Mayor of Gwangjin-gu, stated, "We will actively and continuously promote awareness of the revised law to ensure that no residents suffer disadvantages such as fines due to delayed reporting of real estate transactions caused by unawareness of the law's enforcement."