The Housing Lease Reporting System, also known as the Monthly Rent Reporting System, requires a report to be filed for all rental agreements. Failure to report could result in a fine of 1 million won. The system requires both the tenant and the landlord to report the details of their lease agreement, including the lease term and rent amount. The system applies to new and renewed rental agreements from June 1, 2021. If the renewal agreement has no change in amount, it is excluded from reporting.
All lease agreements that exceed a security deposit of 60 million won or a monthly rent of 300,000 won are subject to reporting. The report must include personal information of the landlord and tenant, information about the leased property (type of housing, address, etc.), security deposit, rent, and contract period.
The report can be submitted within 30 days of the date the lease agreement is signed by visiting the local resident center in the area where the lease was signed or through the "Real Estate Transaction Management System (https://rtms.molit.go.kr/)" or "Government 24 (https://www.gov.kr/)". One of the landlord or tenant should submit the lease agreement with signatures to report. Inquiries can also be made through the call center (1588-0149) regarding reporting. From June 1, 2023, a fine of 1 million won will be imposed if the report is not submitted.
When a lease agreement is reported, the effective date is automatically assigned. The effective date starts from the date of receipt of the report, not the day after. It is recommended that the tenant submit the signed lease agreement for reporting as soon as possible after the end of the lease period. If you submit a lease agreement while reporting your move, it will be automatically reported. If you sign a lease agreement on a holiday, you can also submit an online report. The reporting process is very similar to the existing system for effective dates.
The online collection of rental data means that tenants can benefit from being able to check local market prices when renting new properties. The "Ministry of Land, Infrastructure, and Transport Real Estate Transaction Public System (http://rt.molit.go.kr/)" allows you to check detailed information, including security deposit and area, of monthly rent and lease information in the area you wish to rent, allowing you to confirm the contract details of nearby properties.
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