Gwangsan District in Gwangju announced on June 10 that, starting this month, fines will be imposed for violations of housing lease contract reporting requirements.
The housing lease reporting system was introduced in June 2021 to increase transparency in the rental market. However, considering the potential burden of fines, a four-year grace period had been implemented.
The grace period ended on May 31. As a result, lease contracts with a deposit exceeding 60 million won or monthly rent exceeding 300,000 won must be reported within 30 days of the contract date. Failure to report may result in a fine of up to 300,000 won, while false reporting may incur a fine of 1 million won.
Reports can be filed at local administrative welfare centers or through the Real Estate Transaction Management System website.
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