The current Act stipulates that where a real estate sales contract is entered into, the parties to the transaction or a practicing licensed real estate agent shall report the real transaction price, etc. to the head of the relevant Si/Gun/Gu within 60 days of the date of the transaction contract. However, where a transaction contract is canceled after it has been reported, a report on such fact is not mandatory.

To improve the accuracy of information on actual transactions gathered through reporting on real estate transactions and strengthen the effectiveness of the report system, it is necessary to tighten the deadline for reporting on real estate transaction contracts and require compulsory reporting of transaction contracts that are canceled or terminated after they have been reported.

Accordingly, the Amendment reduces the reporting period for real estate transaction contracts to “within 30 days” from the date of the contract, and requires the parties to a contract to file a report where a transaction contract is nullified, canceled, or terminated after it has been reported. It also prohibits and imposes an administrative fine on acts that disturb the market by filing a transaction report as if a transaction contract was entered into when in fact this is not the case, thereby aiming to contribute to the accuracy and effectiveness of the real estate transaction reporting system and address a number of loopholes that have emerged from the operation of the current system.

Details

A. Reduce the reporting period for real estate transaction contracts to within 30 days from the date of the contract (Article 3, paragraph 1)

B. Prescribe that the parties to a real estate transaction contract shall file a report even when the contract has been nullified, canceled, or terminated (Article 3, paragraph 3 newly inserted)

C. Prescribe provisions to prohibit the filing of a transaction report as if a transaction contract was entered into when in fact it is not the case (Article 4, subparagraph 4 newly inserted)