Failure to Report Housing Lease Contracts... Fines Imposed Starting June

May 31 Deadline, Mandatory Reporting Within 30 Days After Contract

Changwon City Hall, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City, Gyeongnam Province will impose fines for failure to report, delayed reporting, and false reporting of housing lease contracts starting June 1.

This is in accordance with the housing lease reporting system introduced by the amendment and enforcement of the Real Estate Transaction Reporting Act on June 1 last year.

For new, changed, or canceled lease contracts where the deposit exceeds 60 million KRW or the monthly rent exceeds 300,000 KRW, the contract holder must mandatorily report the contract details within 30 days to the local administrative welfare center of the housing location or through the real estate transaction management system.

If the report is not submitted within the period or if false reporting occurs, a fine of up to 1 million KRW will be imposed; however, renewals without changes in contract amounts are exempt from reporting.

The fine imposition was deferred for one year after the reporting system was implemented, but the guidance period ends on May 31.

For lease contracts concluded after June 1 of last year during the guidance period, fines will be imposed if reports are not submitted by the end of the contract.

For more details on housing lease reporting, inquiries can be made at the housing lease reporting call center or the nearest local administrative welfare center.

Lee Jaegwang, Director of the Architecture and Landscape Division, said, “We hope no disadvantages occur due to failure to report or delayed reporting,” and added, “We will actively inform citizens so they do not miss this.”

This content was produced with the assistance of AI translation services.