Explanation of Real Estate Registration Procedures Focused on Housing (Apartments) in Response to Increasing Demand for Self-Registration...Posted on Nowon-gu Office Website and Distributed to Nowon-gu Real Estate Information Division, Community Service Centers, and Related Organizations
[Asia Economy Reporter Jong-il Park] Nowon-gu (District Mayor Oh Seung-rok) has produced 600 copies of the "Real Estate Ownership Transfer Registration Guide" to make it easy for anyone to apply for registration, and will distribute them to residents through the community service centers.
When buying real estate, the buyer must report the transaction within 30 days from the contract date and complete the acquisition tax report and ownership transfer registration application within 60 days from the payment date.
If these deadlines are not met, an additional penalty tax of 20% of the acquisition tax before registration and a late fine must be paid.
However, due to complicated application forms and required documents, most people have traditionally entrusted the process to judicial scriveners. The agency fee is about 590,000 KRW per case based on a housing transaction of 500 million KRW.
Recently, as more buyers feel burdened by the high fees and try to register by themselves, the district produced the "Real Estate Ownership Guide."
The booklet is designed in two steps referring to the Supreme Court’s Internet Registry Office website registration application guide, targeting the most common housing ownership transfer registrations for the general public.
The first step explains the necessary documents and precautions during the real estate transaction contract, on-site inspections, the real estate transaction reporting procedure at the district office after contract preparation, and the documents the buyer must receive upon payment of the balance.
The second step covers the full registration application process, explaining how to purchase national housing bonds, report and pay taxes, pay registration application fees, fill in the registrant’s registration information, purchase government-issued revenue stamps, and how to complete each item on the application form.
The district posted the guide on the district website under sector-specific information and placed copies in the district office’s Real Estate Information Division for convenient access by residents.
District Mayor Oh Seung-rok said, “We included only the essential information needed for residents who are curious about the registration process or preparing registration on their own. We will continue to provide various services so that residents do not find legal and administrative procedures difficult in their daily lives.”
Nowon-gu Office Real Estate Information Division
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