Housing Rental Contract Reporting System: Who Qualifies and What You Get
Learn how to report your rental agreement to ensure legal protection and avoid significant fines under South Korean housing laws.
This system requires landlords and tenants to officially report their rental agreements to the government to ensure the lease is legally recognized.
Who it's for
This requirement applies to both landlords and tenants if your rental contract meets certain financial thresholds. You must report the agreement if the total deposit is over 60 million KRW or if the monthly rent exceeds 300,000 KRW.
What you get
By reporting your contract, you receive legal protection for your lease agreement. Following this process helps ensure you are in compliance with existing national housing laws and regulations.
What it costs you
There is no fee to register your rental agreement; the process is free. However, it does require your time to complete the necessary paperwork and submit the required details of your contract.
The catch to know
Timing is critical. You must complete the reporting process within 30 days of signing your contract. If you fail to report your agreement within this 30-day window, you could face a fine of up to 1 million KRW.
How to apply
- Gather your signed rental contract and necessary identification.
- Access the official reporting portal.
- Enter the required details regarding your property and the terms of your lease.
- Submit the report within the 30-day window to avoid penalties.