Free Access to Registry Records Repeatedly Suspended... "Certified Copies Are Free, Though"

Domestic proptech companies that provided free access services to certified copy of real estate registers containing key real estate information are discontinuing related services one after another due to cost burdens.

According to the proptech industry on the 31st, real estate information platform Dakjip effectively suspended its free certified copy viewing service from the day before. The company had provided free real estate inquiry services once a week to all users, but from this day on, the service was reduced to allow only a total of three free inquiries for new subscribers.

Domestic proptech companies introduced free certified copy viewing services based on the judgment that transparent information facilitates transactions and reduces the risk of accidents, but they are unable to bear rapidly increasing costs. Last year, real estate platforms Disco and Asil successively discontinued related services.

The Supreme Court charges a fee of 700 won for viewing and 1,000 won for issuing certified copies of registers via the internet through internal regulations. Companies have been paying the viewing fees on behalf of users.

In the midst of soaring housing prices, the number of certified copy views continues to increase steadily. According to the Court Registry Information Plaza, the certified copy viewing index recorded 128.16 as of last month. This index indicates the increase or decrease in the number of certified copy views based on 2014. It has been setting new annual highs with 110.53 in 2019, 123.95 in 2020, and 128.16 this year.

Some argue that since public interest in real estate is high and certified copy information is essential for sales and lease contracts, viewing and issuing should be made free to resolve information asymmetry. Resident registration certificates and extracts provided by the Ministry of the Interior and Safety, building registers, land registers from the Ministry of Land, Infrastructure and Transport, and health insurance qualification certificates from the National Health Insurance Service can all be issued online for free.

Baek Yoo-sun, CEO of Disco, emphasized the public good nature by saying, "The certified copy is virtually the only document that can confirm the legal status related to real estate such as ownership and collateral settings, and anyone who wants to conduct real estate transactions must view the certified copy."

In fact, the political circle is also discussing improvements to the fees for viewing and issuing certified copies of registers. Cho Eung-cheon, a member of the Democratic Party of Korea, previously proposed a bill in February to make online registry viewing free.

Rep. Cho said, "Real estate registry information is information that the state has decided to disclose to the public to promote the safety of real estate transactions," adding, "The registry information provided online itself should be provided at minimal cost or free in line with the purpose of the Public Data Act and the Information Disclosure Act and the guarantee of the right to know."