ACT ON REPORT ON REAL ESTATE TRANSACTIONS

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ACT ON REPORT ON REAL ESTATE TRANSACTIONS — 법갈피

Article 6(Scrutiny of Reported Matters) #

(1) A report-receiving authority may, where it determines that any reported matters provided for in Article 3, 3-2, or 8 are omitted or inaccurate as a result of the verification, etc. conducted under Article 5, request the reporter to supplement reported matters, require its public officials to request the parties to a transaction or the relevant practicing real estate agent to submit related materials including the contract document and a document substantiating that the transaction price has been paid, or take other necessary measures in order to verify the authenticity of the reported matters. <Amended on Aug. 20, 2019>

(2) Where reported matters are scrutinized (hereafter referred to as "scrutiny of reported matters" in this Article) under paragraph (1), the report-receiving authority shall report the result of scrutiny to the competent Special Metropolitan City Mayor, Metropolitan City Mayor, Special Self-Governing City Mayor, Do Governor, or Special Self-Governing Province Governor (hereinafter referred to as a "Mayor/Do Governor"), and the Mayor/Do Governor shall report it to the Minister of Land, Infrastructure and Transport as prescribed by Ministerial Decree of the Land, Infrastructure and Transport. <Amended on Aug. 20, 2019>

(3) If necessary to verify matters reported under Article 3, 3-2, or 8, the Minister of Land, Infrastructure and Transport may conduct scrutiny of reported matters directly or jointly with a report-receiving authority, notwithstanding paragraph (1). <Added on Aug. 20, 2019>

(4) To conduct scrutiny of reported matters under paragraphs (1) and (3), the Minister of Land, Infrastructure and Transport or a report-receiving authority may request the heads of related administrative agencies to submit materials prescribed by Presidential Decree, such as materials on national and local taxes and materials on income and property. In such cases, the heads of related administrative agencies so requested shall comply with the request, except in extenuating circumstances. <Added on Aug. 20, 2019>

(5) If any reported matters are deemed to have violated this Act, the Housing Act, the Licensed Real Estate Agents Act, the Inheritance Tax and Gift Tax Act, or any other statute as a result of scrutiny of reported matters, the Minister of Land, Infrastructure and Transport or a report-receiving authority may take necessary measures, such as filing an accusation with an investigative agency or notifying related administrative agencies of such fact. <Added on Aug. 20, 2019>

Article 9(Permission for Land Transaction Conducted by Foreigner, etc.) #

(1) Notwithstanding Articles 3 and 8, where any land that a foreigner, etc. intends to acquire is located in any of the following zones, areas, etc., he or she shall obtain permission from the report-receiving authority for the acquisition of the land before entering into a contract for the land acquisition (hereinafter referred to as "land acquisition contract"), as prescribed by Presidential Decree; provided, the same shall not apply where a permission for the land transaction contract is obtained in accordance with Article 11: <Amended on Nov. 26, 2019; Mar. 21, 2023; Aug. 8, 2023; Feb. 6, 2024>

1. Military bases and installation protection zones defined in subparagraph 6 of Article 2 of the Protection of Military Bases and Installations Act, and such other areas as may be necessary to limit land especially acquisition by a foreigner, etc. for the purposes of national defense as prescribed by Presidential Decree;

2. Designated cultural heritage under Article 2 (3) of the Act on the Conservation and Utilization of Modern and Contemporary Cultural Heritage, and protective facilities or protection zones therefor;

2-2. Natural monuments, etc. designated in accordance with the Act on Conservation and Utilization of Natural Heritage and protective facilities or protection zones therefor;

3. Ecological and scenery conservation areas defined in subparagraph 12 of Article 2 of the Natural Environment Conservation Act;

4. Special districts for protection of wildlife under Article 27 of the Wildlife Protection and Management Act.

(2) Following consultation with the heads of related administrative agencies, a report-receiving authority shall grant permission under paragraph (1), if the acquisition of land by a foreigner, etc. in a zone, area, etc. that falls under any subparagraph of paragraph (1) does not disrupt the attainment of the purpose of designation of the relevant zone, area, etc.

(3) A land acquisition contract concluded in violation of paragraph (1) shall be null and void.

Article 10(Designation of Areas Subject to Permission of Land Transaction) #

(1) To facilitate formulation and implementation of a plan for use and management of national land, reasonable use of land, etc., the Minister of Land, Infrastructure and Transport, or a Mayor/Do Governor may designate an area where speculative land transactions are prevalent or land price rises rapidly or an area prescribed by Presidential Decree as having such possibility, as an area subject to permission of land transaction contract under Article 11 (1) (hereinafter referred to as "area subject to permission") within a fixed period not exceeding five years in accordance with the following classifications; in such cases, the Minister of Land, Infrastructure and Transport or a Mayor/Do Governor may designate an area subject to permission as prescribed by Presidential Decree, specifying persons subject to permission (including foreigners, etc.; hereafter in this Article, the same shall apply), use of the area subject to permission, land category, etc. <Amended on Apr. 18, 2023>

1. Where an area subject to permission spans over the jurisdiction of two or more Cities/Dos: It shall be designated by the Minister of Land, Infrastructure and Transport;

2. Where an area subject to permission is part of the same City/Do: It shall be designated by the Mayor/Do Governor; provided, it may be designated by the Minister of Land, Infrastructure and Transport, in the case of an area where speculative land transactions are prevalent or land price rises rapidly, or an area prescribed by Presidential Decree as having such possibility.

(2) If the Minister of Land, Infrastructure and Transport or a Mayor/Do Governor intends to designate an area subject to permission under paragraph (1), he or she shall refer the matter to the Central Urban Planning Committee provided for in Article 106 of the National Land Planning and Utilization Act (hereinafter referred to as "Central Urban Planning Committee") or the City/Do Urban Planning Committee provided for in Article 113 (1) of that Act (hereinafter referred to as "City/Do Urban Planning Committee") for deliberation; provided, where he or she intends to redesignate any area subject to permission, the designation period of which is to expire, as an area subjects to permission, he or she shall hear in advance the opinions of the competent Mayor/Do Governor (applicable only to cases where the Minister of Land, Infrastructure and Transports designates an area subject to permission) and the head of the competent Si/Gun/Gu.

(3) When the Minister of Land, Infrastructure and Transport or a Mayor/Do Governor designates an area as an area subject to permission pursuant to paragraph (1), he or she shall publicly announce matters prescribed by Presidential Decree, such as the person subject to permission, the use of the area subject to permission, and the land category, without delay; and the Minister of Land, Infrastructure and Transport shall notify the head of the Si/Gun/Gu via the Mayor/Do Governor of the details of such public announcement, and the Mayor/Do Governor shall notify the Minister of Land, Infrastructure and Transport and the head of the Si/Gun/Gu of the details thereof. <Amended on Apr. 18, 2023>

(4) The head of a Si/Gun/Gu in receipt of notification pursuant to paragraph (3) shall notify the head of a registry office having jurisdiction over the area subject to permission of the details of the public announcement without delay, publicly announce such fact for at least seven days without delay, and make the details of such public announcement available for public perusal for 15 days.

(5) Any designation of an area subject to permission shall take effect five days after the date on which such designation is publicly announced under paragraph (3).

(6) Where the Minister of Land, Infrastructure and Transport or the Mayor/Do Governor deems that any ground for designation of an area subject to permission ceases to exist, or that a request for a revocation of the designation or reduction of the scale of an area subject to permission he or she has received from the related Mayor/Do Governor or the head of the related Si/Gun/Gu is deemed well-grounded, he or she shall, without delay, revoke the designation of the area subject to permission or reduce in part the scale of the designated area subject to permission.

(7) The main clause of paragraph (2), and paragraphs (3) and (4) shall apply mutatis mutandis to revocation or reduction conducted under paragraph (6).

Article 11(Permission for Land Transaction within Areas Subject to Permission) #

(1) Parties that intend to enter into a contract (including any pre-engagement; hereinafter referred to as "land transaction contract") on the transfer or establishment (limited to the transfer or establishment in return for consideration) of the ownership or superficies (including the right aimed at acquiring the ownership or superficies) over the land located within an area subject to permission shall jointly obtain permission from the head of a Si/Gun/Gu, as prescribed by Presidential Decree. The same shall also apply to intended alterations to permitted matters.

(2) Notwithstanding paragraph (1), permission under paragraph (1) is not required in any of the following cases: <Amended on Apr. 18, 2023>

1. Where parties intend to enter into a land transaction contract for any land not exceeding the area for each use prescribed by Presidential Decree comprehensively considering the trends of economy and land prices, the unit area for transaction, etc.;

2. Where a party intending to enter into a land transaction contract or the land subject to such contract does not fall under the matters publicly announced pursuant to Article 10 (3).

(3) A person who intends to obtain permission under paragraph (1) shall file an application for permission stating the terms and conditions of the relevant contract, a land use plan, a funding plan for the purchase, etc. with the head of a Si/Gun/Gu. In such cases, matters to be included in the land use plan, the funding plan for the purchase, etc. shall be prescribed by Ministerial Decree of the Land, Infrastructure and Transport; provided, where a funding plan submitted to the head of a Si/Gun/Gu is altered, the details of such alteration may be submitted to the head of the Si/Gun/Gu by the registration date of the land acquired.

(4) Upon receipt of an application for permission filed under paragraph (3), the head of a Si/Gun/Gu shall decide on permission or non-permission within the processing period provided for in the Civil Petitions Treatment Act, and issue a permit to the relevant applicant, or notify the relevant applicant of the grounds for non-permission in writing; provided, where the advance-sale consultation procedures are under way pursuant to Article 15, he or she shall inform the relevant applicant of such fact within the aforementioned period.

(5) Where no permit is issued nor any notification of the grounds for non-permission or advance-sale consultation is given within the period referred to in paragraph (4), permission under paragraph (1) shall be deemed granted on the date following the expiration of the relevant period. In such cases, the head of a Si/Gun/Gu shall issue a permit to the relevant applicant without delay.

(6) No land transaction contract entered into without permission under paragraph (1) shall take effect.

(7) Methods of computing the area of land referred to in paragraph (2) 1 and other necessary matters shall be prescribed by Presidential Decree. <Amended on Apr. 18, 2023>

Article 12(Standards for Permission) #

The head of a Si/Gun/Gu shall grant permission, except where an application for permission filed under Article 11 falls under any of the following:

1. Where any person who intends to conclude a land transaction contract intends to use the relevant land for any purpose other than the following purposes:

(a) Where he or she intends to use such land as a site for his or her residential housing;

(b) Where he or she intends to use such land to install facilities confirmed by the head of the competent Si/Gun/Gu as welfare or convenience facilities for residents in the area including an area subject to permission is included;

(c) Where such land is necessary for persons engaged in farming, forestry, or fisheries, or persons prescribed by Presidential Decree who reside in an area subject to permission to engage in the business of agriculture, livestock, forest, or fishery within the relevant area subject to permission;

(d) Where such land is necessary for any person implementing a project entitled to expropriate or use land under the Act on Acquisition of and Compensation for Land for Public Works Projects or any other Act in order to implement the project;

(e) Where any person who implements, or intends to implement, a project necessary for sound development of areas, including an area subject to permission, and also deemed to serve the designation objectives of an area, district, zone, etc. designated by the related Acts intends to use such land for the project;

(f) Where any person who implements a project in the Special Metropolitan City, a Metropolitan City, a Special Self-Governing City, or a Si (including an administrative city established under Article 10 (2) of the Special Act on the Establishment of Jeju Special Self-Governing Province and the Development of Free International City; hereafter in this Article the same shall apply)/Gun to which a permitted area belongs as at the time such area is designated, or in the neighboring Special Metropolitan City, Metropolitan City, Special Self-Governing City, or Si/Gun intends to use for the project, or a third person who performs project closely related to his or her project intends to use it for such project;

(g) Where he or she intends to use land for a purpose prescribed by Presidential Decree, such as the land required for everyday life and normal economic activities of those who live in the Special Metropolitan City, a Metropolitan City, a Special Self-Governing City, or a Si/Gun to which an area subject to permission belongs;

2. Where the objective of land use by any person intending to enter into a land transaction contract falls under any of the following:

(a) Where it does not comply with an urban or Gun plan defined in subparagraph 2 of Article 2 of the National Land Planning and Utilization Act and other plans for utilizing and managing the land;

(b) Where it threatens preservation of an ecosystem and the protection of decent living conditions for residents;

3. Where such area is deemed inappropriate in view of the objectives of using the land.

Article 18(Charge for Compelling Performance) #

(1) The head of a Si/Gun/Gu may order anyone who fails to fulfill his or her obligation to use land pursuant to Article 17 (1) to fulfill his or her obligation to use the land fixing a reasonable period; provided, the head of a Si/Gun/Gu needs not order him or her to do so where any ground prescribed by Presidential Decree exists.

(2) Where an order issued to fulfill the obligation to use land under paragraph (1) is not complied with within the specified period, the head of a Si/Gun/Gu shall impose a charge for compelling performance in an amount prescribed by Presidential Decree of by up to 10/100 of the acquisition value of the land.

(3) The head of a Si/Gun/Gu may repeatedly impose and collect charges for compelling performance under paragraph (2) once a year, from the year of the first order, to fulfill the obligation to use land until the time such obligation is fulfilled as ordered.

(4) The head of a Si/Gun/Gu shall not impose a charge for compelling the performance after the lapse of the obligatory period for use prescribed in Article 17 (1).

(5) Where a person ordered to fulfill an obligation to use land under paragraph (1) fulfills such obligation, the head of a Si/Gun/Gu shall promptly cease imposing any further charge for compelling performance, but collect the charge for compelling performance already imposed before the order is fulfilled.

(6) Anyone dissatisfied with a disposition imposing charges for compelling performance issued under paragraph (2) may file an objection with the head of a Si/Gun/Gu.

(7) Where a person subject to a disposition imposing charges for compelling performance issued under paragraph (2) or (3) fails to pay it by the payment deadline, the head of a Si/Gun/Gu shall collect the charge for compelling performance in the same manner as delinquent national taxes are collected, or pursuant to the Act on the Collection of Local Administrative Penalty Charges. <Amended on Mar. 24, 2020>

(8) Methods of imposing, paying, and collecting charges for compelling performance, methods of filing objections, and other necessary matters shall be prescribed by Presidential Decree.

Article 28(Administrative Fines) #

(1) Any of the following persons shall be subject to an administrative fine not exceeding 30 million won: <Amended on Aug. 20, 2019; Apr. 18, 2023>

1. A person who files a report under Article 3 by fraud, in violation of subparagraph 4 of Article 4 (excluding where the person is subject to penalty provisions under Article 26 (1));

2. A person who files a report under Article 3-2 by fraud, in violation of subparagraph 5 of Article 4 (excluding where the person is subject to penalty provisions under Article 26 (1));

3. A person who fails to submit any material that substantiates the payment of a transaction price or submits false material, or a person who fails to take necessary measures, in violation of Article 6.

(2) Any of the following persons shall be subject to an administrative fine not exceeding five million won: <Amended on Aug. 20, 2019>

1. A person who fails to file a report under Article 3 (1) through (4), in violation of that paragraph (including a person who refuses to file a joint report);

1-2. A person who fails to file a report under Article 3-2 (1), in violation of that paragraph (including a person who refuses to file a joint report);

2. A person who requests a practicing licensed real estate agent not to file a report referred to in Article 3 or to file a false report, in violation of subparagraph 1 of Article 4;

3. A person who encourages or aids a person in filing a false report under Article 3, in violation of subparagraph 3 of Article 4;

4. A person who fails to submit any material other than the one that substantiates the payment of the transaction price or submits false material, in violation of Article 6.

(3) A person who files a false report, in violation of Article 3 (1) through (4) or subparagraph 2 of Article 4, shall be subject to an administrative fine not exceeding 10/100 of the acquisition value of the relevant real estate, etc. <Amended on Aug. 20, 2019; Apr. 18, 2023>

(4) A person who fails to file a report under Article 8 (1) or files a false report shall be subject to an administrative fine not exceeding three million won.

(5) Any of the following persons shall be subject to an administrative fine not exceeding one million won: <Amended on Aug. 18, 2020>

1. A person who fails to file a report on acquisition under Article 8 (2) or files a false report;

2. A person who fails to file a report on continuous possession of land under Article 8 (3) or files a false report;

3. A person who fails to file a report under Article 6-2 or 6-3 (including a person who refuses to jointly file a report) or files a false report.

(6) Administrative fines prescribed in paragraphs (1) through (5) shall be imposed and collected by the report-receiving authority, as prescribed by Presidential Decree. In such cases, the report-receiving authority which has imposed an administrative fine shall notify the imposition of the administrative fine to the head of the Si/Gun/Gu having jurisdiction over the brokerage office of the relevant practicing licensed real estate agent (referring to the principal brokerage office in cases of a corporation) within ten days from the imposition date.

ACT ON REPORT ON REAL ESTATE TRANSACTIONS

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Reporting on real estate transactions) #

Article 3-2(Report on Cancellation of Transaction of Real Estate) #

Article 4(Prohibited Acts) #

Article 5(Verification of Reported Matters) #

Article 6(Scrutiny of Reported Matters) #

Article 6-2(Report on Housing Lease Contracts) #

Article 6-3(Report on Change and Cancellation of Housing Lease Contracts) #

Article 6-4(Provisions Applicable Mutatis Mutandis to Report on Housing Lease Contracts) #

Article 6-5(Report Deemed Filed under Other Statutes) #

Article 7(Principle of Reciprocity) #

Article 8(Reporting on Acquisition or Possession of Real Estate by Foreigner, etc.) #

Article 9(Permission for Land Transaction Conducted by Foreigner, etc.) #

Article 10(Designation of Areas Subject to Permission of Land Transaction) #

Article 11(Permission for Land Transaction within Areas Subject to Permission) #

Article 12(Standards for Permission) #

Article 13(Raising of Objections) #

Article 14(Special Cases concerning Land Transaction Contracts Concluded by State) #

Article 15(Advance Sale) #

Article 16(Application for Purchasing Land Subject to Disposition of Non-Permission) #

Article 17(Obligation to Use Land) #

Article 18(Charge for Compelling Performance) #

Article 19(Investigations into Trends of Land Prices) #

Article 20(Legal Fiction of Authorization and Permission Granted under Other Acts) #

Article 21(Sanctions) #

Article 22(Succession to Rights and Obligations) #

Article 23(Hearings) #

Article 24(Comprehensive Management of Data Related to Real Estate Policies) #

Article 25(Construction and Operation of Real Estate Information System) #

Article 25-2(Payment of Reward for Reporting) #

Article 25-3(Delegation and Entrustment of Authority) #

Article 26(Penalty Provisions) #

Article 27(Joint Penalty Provisions) #

Article 28(Administrative Fines) #

Article 29(Reduction and Exemption for Voluntary Reporter) #