"Hurry Up to Report Jeonse and Monthly Rent Contracts"...1 Million Won Fine for Non-Reporting Starting June

Gangseo-gu has decided to conduct promotional activities through the district website and social networking service (SNS) channels to ensure residents do not suffer disadvantages due to missing the reporting period. (Photo by Gangseo-gu Office)

Gangseo-gu, Seoul (Mayor Jin Gyo-hoon) announced on the 26th that the grace period for the 'Housing Lease Contract Reporting System' will end on May 31 this year, and from June 1, fines will be imposed for failure to report.

The 'Housing Lease Contract Reporting System' requires the contracting parties to report contract details such as rent and lease period within 30 days from the contract date. This system aims to transparently disclose actual transaction information in the lease market and protect the rights of tenants.

Although it was implemented in June 2021, a three-year grace period was provided for the stable establishment of the system, and enforcement will begin on June 1 this year. Accordingly, housing lease contracts (new, renewal, modification, termination) concluded after June 1, 2021, with a deposit exceeding 60 million KRW or monthly rent exceeding 300,000 KRW must be reported.

Reports can be submitted by visiting the local community service center where the housing is located or online through the Real Estate Transaction Management System.

Joint reporting by both landlord and tenant is the principle, but if documents proving the facts such as the contract or payment receipt are presented, reporting can be done individually. If the original contract is not available when reporting in person, a report form signed or sealed by both landlord and tenant is acceptable.

Failure to report or false reporting may result in a fine of up to 1 million KRW depending on the contract amount and delay period. However, renewal contracts that only extend the lease period without changing the amount do not require reporting.

The district office stated that it will actively promote the system through its website and social media channels to ensure residents do not suffer disadvantages due to missing the reporting period.