From the 13th, Real Transaction Information Management with the 'Next-Generation Real Estate Transaction Management System'
On the 14th, in a real estate-dense shopping district in Songpa-gu, Seoul, apartment listings with prices are posted amid the ongoing decline in real estate prices and a transaction freeze. Photo by Kang Jin-hyung aymsdream@
The Ministry of Land, Infrastructure and Transport announced on the 4th that it will operate a next-generation real estate transaction management system providing apartment floor-by-floor actual transaction price information starting from the 13th.
The real estate transaction management system, which has been in operation since 2006, has been used for real estate sales reporting and disclosure of actual transaction prices. To resolve issues caused by system aging, such as decreased maintenance efficiency and limitations in function improvements, the Ministry and the Korea Real Estate Board have been preparing to transition to a next-generation system since 2020.
Through the operation of this next-generation system, personal information safety measures will be strengthened, and the system will become more convenient to use.
Servers and personal information, which were dispersed across 229 local governments nationwide, will be unified on a cloud-based platform. Accordingly, personal information safety devices such as access rights management and connection history inspection have been enhanced.
By managing actual transaction information in an integrated manner, local government information can be collected in real time. Reporting parties such as transaction participants can query transaction report details on a nationwide scale.
In addition to the existing joint certificate method, simple authentication through private certificates will be supported for transaction reporting, greatly improving user convenience.
In the next-generation system, actual transaction price information will also be expanded and disclosed within the scope of personal information protection. This is a measure to support transparent transaction order and new industries such as PropTech.
Based on the deliberation of the Personal Information Protection Commission, ‘building’ information will be disclosed along with the existing apartment ‘floor’ information to provide accurate transaction prices. However, to protect personal information, disclosure will occur at the time of registration completion after the transaction.
To prevent confusion caused by differences between public institution housing purchase prices, commonly called ‘appraisal prices,’ and market prices, transaction parties will be classified and disclosed as individuals, corporations, public institutions, and others.
Currently, registration information disclosed only for ‘apartments’ will be expanded to include ‘townhouses and multi-family houses.’ Newly disclosed information will include lot numbers of non-residential collective buildings such as commercial stores and warehouses, land lease status, and market price information for land-lease apartments.
The Ministry will temporarily suspend the operation of the current system during the Lunar New Year holiday period, when the number of real estate transaction reports is relatively low, to carry out data migration, pre-testing, and system transition work.
During this period, online services for real estate transaction reporting and housing lease contract reporting using PCs will be suspended.
However, if you wish to apply for a fixed date assignment through housing lease contract reporting, applying through the new system after midnight on the 13th when operation resumes will have the same effect for the fixed date. It is also possible to apply for fixed date assignment through the Supreme Court Internet Registry during the system suspension period.
For lease reporting, there is no disadvantage for delayed reporting due to the penalty grace period (until May 31, 2024). For sales reporting, if the deadline for the reporting obligation period (within 30 days after the contract) falls on a Saturday or public holiday, the expiration date will be the next day, so no disadvantage will occur.
Nam Young-woo, Director of Land Policy at the Ministry of Land, Infrastructure and Transport, said, "We will make every effort to prepare for the transition to the next-generation system through mock demonstrations and updating the response manual for malfunctions to prevent additional inconvenience in real estate transaction work closely related to citizens' lives.”
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