Real Estate Transactions
Declaration of Real Estate Transactions- A Korean national residing abroad remains a Korean national and does not face restrictions in real estate transactions.
- A Korean national who settles any of the agreements listed below must, within 60 days of settling the agreement, make a joint declaration with the party with whom the agreement was settled to the mayor (mayor of a city without the gu classification, a metropolitan autonomous city, or a special autonomous province), or the head of gun or gu office (hereinafter referred to as the "government office to be declared to") with jurisdiction over the location of the real estate on which the agreement was settled. However, if the party with which the agreement was settled is a country, local government, public agency, local public enterprise, or local corporation (hereinafter referred to as the "Country, Etc."), the Country, Etc. must make the declaration (Paragraph 1 of Article 3 of the Act on Report of Real Estate Transactions, Etc. and Paragraphs 2 and 3 of Article 3 of the Enforcement Decree of the Act on Report of Real Estate Transactions, Etc.).
1. Real estate transaction agreement
2. Agreement on the supply of real estate in accordance with the Act on the Sale of Building Units, the Special Act on Public Housing, the Urban Development Act, the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents, the Industrial Sites and Development Act, the Housing Act, and the Housing Site Development and Promotion Act.
3. A transaction agreement of any of the below statuses.
√ Selection as a party to acquire real estate through the agreement specified in #2 above.
√ Selection as an occupant with the approval of an administration and disposal plan in accordance with Article 74 of the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents or an approval of a project implementation plan in accordance with Article 29 of the 「Special Act on the Maintenance of Vacant Houses and Small Houses」
- If a Korean national residing abroad settles an agreement specified above, the following must be declared (Paragraph 1 of Article 3 and Attached Table 1 of the Enforcement Decree on the Act on Report of Real Estate Transactions, Etc.).
1. Personal information of the parties to the transaction
2. Agreement settlement date, interim deposit payment date, balance payment date
3. Location, address, land classification, and floor space of the real estate for transaction(In the case of a contract regarding the right to acquire real estate, it refers to the real estate subject to that right)
4. Type of real estate for transaction (in the case of an agreement on the right to acquisition of real estate, the type of right)
5. Actual transaction price
6. In the case that conditions or deadlines has been determined for the contract, those conditions or deadlines
7. If the buyer does not have a domicile or residence (a place where they reside for more than 60 days from the date of final payment) in Korea, the personal details of the trustee
8. If a transaction agreement is prepared and issued by a licensed real estate agent who has opened a new business, the personal information of the licensed real estate agent and the trade name, phone number, and address of the newly established business