Registration of ownership transfer
What is a “registration of ownership transfer by transaction?”
- The “registration of ownership transfer by transaction”refers to the publication of a transfer of ownership occasioned by a juridical act, that is to say, a transaction (Glossary, Internet Registry of the Supreme Court of Korea).
Application period
- An application for registration shall be made within 60 days from the day on which a transaction contract is completely closed by the signing thereof, payment of the balance, and receipt of all the necessary documents for the registration of ownership transfer (The main body of Article 2 (1) of the Act on Special Measures for the Registration of Real Estate).
Method of application
- Either the applicant or his/her representative may visit a registry or use the Internet Registry of the Supreme Court of Korea for application (Article 24 (1) of the Registration of Real Estate Act).
Cost of application
- Purchase of national housing bonds
· An applicant shall purchase the national housing bond (Article 8 (1) of the Housing and Urban Fund Act, Article 8 (2) and attached table of the Enforcement Decree of the Housing and Urban Fund Act).
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Type of registration
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Type of building
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Standard market price
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Region
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Buying rate
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Registration of ownership transfer
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Housing
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Not less than KRW 20 million and less than KRW 50 million
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Seoul and other metropolitan cities
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13/1,000 of the standard market price
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Other regions
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13/1,000 of the standard market price
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Not less than KRW 50 million and less than KRW 100 million
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Seoul and other metropolitan cities
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19/1,000 of the standard market price
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Other regions
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14/1,000 of the standard market price
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Not less than KRW 100 million and less than KRW 160 million
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Seoul and other metropolitan cities
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21/1,000 of the standard market price
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Other regions
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16/1,000 of the standard market price
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Not less than KRW 160 million and less than KRW 260 million
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Seoul and other metropolitan cities
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23/1,000 of the standard market price
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Other regions
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18/1,000 of the standard market price
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Not less than KRW 260 million and less than KRW 600 million
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Seoul and other metropolitan cities
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26/1,000 of the standard market price
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Other regions
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21/1,000 of standard market price
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More than KRW 600 million
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Seoul and other metropolitan cities
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31/1,000 of the standard market price
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Other regions
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26/1,000 of the standard market price
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· In cases where the price is not less than KRW 5,000 and not more than KRW 10,000, the latter shall be the price, and in cases where the price is less than KRW 5,000, the national housing bond need not to be purchased (Attached table No.4 of the Enforcement Decree of the Housing and Urban Fund Act).
- Purchase of revenue stamp of the Republic of Korea’s government
· In cases where the transaction price written on a real estate sale contract exceeds KRW 10 million, the stamp tax for the document shall be paid (Article 1 (1) and Article 3 (1) 1 of the Stamp Tax Act).
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Taxation document
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Tax amount
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Document concerning the ownership transfer of real estate
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Where the written amount is more than KRW 10 million and not more than KRW 30 million: KRW 20,000
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Where the written amount is more than KRW 30 million and not more than KRW 50 million: KRW 40,000
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Where the written amount is more than KRW 50 million and not more than KRW 100 million: KRW 70,000
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Where the written amount is more than KRW 100 million and not more than KRW 1 billion: KRW 150,000
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Where the written amount is more than KRW 1 billion: KRW 350,000
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· In cases where the transaction price exceeds KRW 10 million, a revenue stamp shall be attached to the contract, but if the transaction price for a house is not more than KRW 100 million, such stamp need not be attached (Article 3 (1) 1 and Subparagraph 5 of Article 6 of the Stamp Tax Act).
- Payment of registration application fees
√ Visiting and submitting a written application: KRW 15,000
√ Electronic standard application (visiting a registry after preparing an e-form application): KRW 13,000
√ Electronic application: KRW 10,000
Registration of the establishment of the right to lease on a deposit basis
What is the “registration of the establishment of the right to lease on a deposit basis?”
- The term “registration of the establishment of the right to lease on a deposit basis” means a registration made by a leaseholder who paid rent and occupied another person’s real estate to use and profit according to the purpose of the property (Glossary, Internet Registry of the Supreme Court of Korea).
Method of application
- Either an applicant or his/her representative may visit a registry in person or use the Internet Registry of the Supreme Court of Korea for application (Article 24 (1) of the Registration of Real Estate Act).
Cost of application
- The registration application fees shall be paid (Subparagraphs 2 and 4-2 and Attached table No. 1 of the Established Rule for Collection of Registration Application Fees).