Mandatory Listing of Realtor Name and Number When Reporting Jeon-Wolse Lease Contracts

Starting next year, when reporting jeonse or monthly rent contracts, the personal information of the licensed real estate agent who mediated the contract, including their name, office address, and phone number, must also be recorded. This government measure aims to strengthen the responsibility of licensed real estate agents following the jeonse fraud incidents.

A price list is posted at a real estate agency office in Songpa-gu, Seoul. / Photo by Jinhyung Kang aymsdream@

According to the industry on the 3rd, the Ministry of Land, Infrastructure and Transport plans to introduce a new form for housing lease contract reports starting next year, which will include the personal information of the licensed real estate agent as well as the lessor and lessee.

This is a request made by local governments to prevent delays in the investigation and prosecution of jeonse fraud cases. The government is currently undergoing the revision process of the "Enforcement Rules of the Real Estate Transaction Reporting Act" to implement this. The information to be reported includes the real estate location and name, registration number, phone number, representative's name, and affiliated licensed real estate agent.

To receive support under the special law for victims of jeonse fraud, victims must apply for damage recognition to the relevant city or province. The local government then submits the preliminary investigation results to the Ministry of Land, Infrastructure and Transport within 30 days. Based on this, the Jeonse Fraud Victim Support Committee determines whether the applicant is a victim.

The government is pushing to introduce the new housing lease contract report form with a target enforcement date of January 1 next year. It will apply to new, renewed, changed, or terminated lease contracts after the enforcement of the revised "Enforcement Rules of the Real Estate Transaction Reporting Act." Licensed real estate agents who report false information may be fined 1 million won.