Gwangju Nam-gu has issued a reminder regarding the revised legislation on housing lease contract reporting, which will take effect next month, urging caution about unreported or delayed filings.
According to Nam-gu on May 22, the housing lease contract reporting system has been in place since June 2021 to increase transparency in the real transaction information of the housing lease market and to address information asymmetry between landlords and tenants.
In consideration of the public burden from administrative fines and administrative circumstances, a four-year grace period was implemented during which no fines were imposed. However, as this grace period ends on May 31, starting June 1, all lease contracts exceeding a deposit of 60 million won or a monthly rent of 300,000 won must be reported within 30 days. Failure to comply may result in a fine of up to 300,000 won, and false reporting will incur a fine of 1 million won.
Nam-gu is focusing on minimizing confusion related to the implementation of the revised legislation by promoting the changes through various channels, including notifications on the district office website, posting informational posters, and distributing materials at community meetings.
Housing lease contract reports can be filed by visiting the local administrative welfare center or online through the Real Estate Transaction Management System website.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
