Civil petitions & documents
Direct Real Estate Sale Contract and Transaction Report in Korea — Joint Report Within 30 Days of the Contract
When a seller and buyer trade real estate directly without a brokerage, the parties must handle the contract and the actual transaction price report themselves. After signing a sale contract, the parties must jointly report it to the city, county or district office where the property is located within 30 days of the contract date (Act on Report on Real Estate Transactions, Article 3); failing to report is subject to a fine of up to 5,000,000 won.
Procedure
- Drafting Difficulty Low
Work completed by drafting documents such as contracts, certified letters or statements of fact, without review by a government authority.
- Notification Difficulty Low
You submit the statutory report form and required documents. Once the documents are in order the report is accepted; for some reports the authority checks the contents before accepting it.
1. Check the register and the parties
Check the owner and rights such as mortgages or provisional seizures on the certificate of registered matters, and compare IDs to confirm the seller is the registered owner. For co-owned property, confirm each share and whether all owners consent.
2. Settle the sale terms
Agree on the sale price, the amounts and dates of the down payment, interim payment and balance, the dates of ownership transfer and handover, how existing mortgages will be cancelled, and whether current tenants are taken over. Also agree on grounds for cancellation and the penalty standard at this stage.
3. Draft the sale contract
Write the property description (location, land category, area, building structure), the parties, the price and payment schedule, handover terms and special terms, then both parties sign and seal it. Make as many copies of the same contract as there are parties and each keeps 1 copy.
4. Real estate transaction report
Within 30 days of the contract date, the parties jointly report to the mayor, county head or district head where the property is located (Act on Report on Real Estate Transactions, Article 3(1)). If the other party refuses to report, you may report alone (Article 3(2)), and reports can also be filed through the Real Estate Transaction Management System.
5. Report certificate and registration schedule
The reporting authority checks the report and issues a report certificate, and the buyer is deemed to have received inspection when the certificate is issued (Article 3(5) and (6)). Ownership transfer registration must be applied for within 60 days of the day the counter-performance such as the balance payment is completed (Act on Special Measures for the Registration of Real Estate, Article 2), so manage that schedule together.
Required documents
- Real estate transaction contract report (Enforcement Rule of the Act on Report on Real Estate Transactions, Form No. 1)
- Copy of the real estate sale contract
- Copies of the seller's and buyer's IDs
- Certificate of registered matters for the property
- Proof of the down payment (bank transfer confirmation, etc.)
- Letter of delegation and the principal's ID copy if an agent submits the report
Fees
There is no government fee for the report. Our office fee starts from the amount shown above and may vary depending on the type of property, the special terms and whether the transaction report is included; we will give you an exact quote after reviewing your documents.
Legal basis and review date
- Act on Report on Real Estate Transactions, Article 3
- Act on Report on Real Estate Transactions, Article 28
- Enforcement Rule of the Act on Report on Real Estate Transactions, Form No. 1
- Act on Special Measures for the Registration of Real Estate, Article 2
Check these first
- The 30-day reporting period runs from the contract date, not the balance payment date, so plan the schedule from the contract date.
- The 60-day period for applying for ownership transfer registration runs from the day the counter-performance such as the balance payment is completed.
Frequently asked questions
Do direct real estate sales also need an actual price report?
What if the other party will not cooperate with the report?
What happens if I do not report within 30 days?
What must a direct sale contract include?
Can an administrative agent help with a direct sale contract and transaction report?
Contact us
Hwang Yunsang Administrative Office in Songdo, Incheon prepares and submits administrative documents and explains the procedure. If your situation is similar, send us a message.
📍 2697, 26F POSCO Tower-Songdo, 165 Convensia-daero, Yeonsu-gu, Incheon, Republic of Korea · 📞 010-3374-2687 · 🌐 hwangadmin.com
This guide is general information based on public sources. Requirements, documents and deadlines differ by case and by the competent agency, so please confirm them before you proceed.