Seocho District Requires Mandatory Housing Lease Contract Reporting... Fines Imposed from June

For Deposits Over 60 Million Won or Monthly Rent Over 300,000 Won

Starting next month, anyone who fails to report their housing lease contract after signing will be subject to a fine. On May 5, the Seocho District Office (headed by Jeon Seongsoo) announced that, with the grace period for the housing lease contract report system ending on May 31, fines for failure to report or false reporting will be imposed beginning June 1.

Report System Promotion Poster. Provided by Seocho District.

The 'Housing Lease Contract Report System' requires parties to a lease contract (landlord and tenant) to report contract details, such as rent and lease period, to the relevant local government within 30 days of signing the contract.

The system was introduced in June 2021 to disclose real transaction information in the lease market and to protect tenants' rights. However, to ensure a stable implementation, a four-year grace period has been in place, and starting June 1 of this year, fines will be officially imposed.

This system applies to housing lease contracts with a deposit exceeding 60 million won or a monthly rent exceeding 300,000 won. Both landlords and tenants are required to report new, renewed, amended, or terminated contracts, but if one party submits the contract, it is considered a joint report.

Renewals by tacit agreement or renewals without rent changes are not subject to the reporting requirement. However, if there is a change in rent, it must be reported within 30 days of the contract date.

To report, one can visit the local community service center in the area where the house is located, or access the Real Estate Transaction Management System (https://rtms.molit.go.kr) online or via mobile. To minimize confusion, the Ministry of Land, Infrastructure and Transport has decided that contracts signed during the grace period will not be subject to fines, and the system will apply only to contracts signed on or after June 1, 2025.

Violations of the reporting obligation will result in fines ranging from a minimum of 20,000 won to a maximum of 300,000 won, while false reporting will result in a fine of 1 million won. Prior to the implementation of these fines, the Ministry of Land, Infrastructure and Transport also completed a revision of the enforcement ordinance to significantly lower the fine standards.

Jeon Seongsoo, head of the district office, said, "I hope many residents will participate to help create a fair and transparent lease market."