Starting July, the nation's first 'Housing Lease Reporting Agency Service' will be implemented... On June 30, a business agreement was signed with the Dobong-gu branch of the Korea Association of Realtors to encourage participation in the agency service among local real estate agents.
Dobong-gu - Korea Association of Certified Realtors Dobong-gu Branch Housing Lease Report Agency Service Business Agreement Ceremony (June 30, 2021, District Office Communication Cooperation Room) (Photo left: Lee Dong-jin, Mayor of Dobong-gu, Photo right: Bang Jin-gi, Head of Korea Association of Certified Realtors Dobong-gu Branch)
[Asia Economy Reporter Jongil Park] Dobong-gu (Mayor Dongjin Lee) signed a business agreement with the Dobong-gu branch of the Korea Association of Realtors (Branch President Jinki Bang) at the Communication Cooperation Office of the district office on June 30, and will implement the nation's first 'Housing Lease Reporting Agency Service' starting July 1.
The housing lease reporting system is the last of the three lease laws sequentially implemented since last year to ensure tenants' residential stability. It requires that for housing lease contracts concluded from June 1, 2021, where the deposit exceeds 60 million KRW or the monthly rent exceeds 300,000 KRW, the contracting parties must report the main contract details to the reporting authority within 30 days from the contract date.
If the report is not submitted within the deadline, a fine of up to 1 million KRW may be imposed depending on the contract amount and delay period.
To this end, Dobong-gu has prepared the nation's first housing lease reporting agency service, allowing licensed realtors to act on behalf of the contracting parties to report housing lease contracts when mediating such contracts. Contracting parties who wish to use the service provide a power of attorney and a copy of their ID to the realtor, who then submits the housing lease report online through the Real Estate Transaction Management System.
Currently, Dobong-gu is accepting participation applications from real estate agencies in the area. Participating agencies display a sticker indicating their participation in the housing lease reporting agency service, making it easy for residents to recognize them.
A Dobong-gu official stated that this housing lease reporting agency service was conceived based on Article 6-5 of the Enforcement Rules of the Act on Reporting and Inspection of Real Estate Transactions, which allows 'submission of reports on behalf of others,' and the fact that most housing lease transactions are conducted through real estate agencies.
The nation's first housing lease reporting agency service is a result of Dobong-gu's efforts to prevent residents' disadvantages caused by unfamiliarity with the new system or complicated reporting methods, and to stabilize the new system, combined with the Korea Association of Realtors Dobong-gu branch's commitment to social contribution.
Mayor Dongjin Lee of Dobong-gu said, “With the full-scale implementation of the nation's first housing lease reporting agency service, we expect it to greatly contribute to creating a stable residential environment for residents.” He added, “Through social contribution utilizing the expertise of licensed realtors, we aim to provide convenience to Dobong-gu residents. As realtors are expected to gain increased trust and satisfaction from customers, we ask for the participation of even more licensed realtors.”
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