For real estate sales contracts, the real estate reporting system was introduced in 2006, requiring the reporting and disclosure of real transaction information when any type of real estate is acquired by contract.

Meanwhile, as there is no reporting obligation for a housing rental contract, only some rental contract information identified from the reported fixed date is made public.

Accordingly, a lack of accurate rental price information makes it difficult for the lessee to negotiate rental conditions on an equal footing to the lessor and resolve a dispute quickly as there are no resolution criteria.

Hence, this Act aims to require the contracting parties to report details of the housing rental contract factually within the report deadline, disclose real rental transaction information to address a rental information gap, establish transparent rental transaction practices, and substitute the fixed date under the Housing Lease Protection Act when reporting the rental contract to better protect the lessee's right to property.

Details

A. In the event that a rental contract of any house (incl. change or termination) in the areas prescribed by Presidential Decree considering the status of rental households, is signed, require the rental contract parties to report the rent or deposit to the Si/Gun/Gu office where the house is located within 30 days after the contract date (Articles 6-2 and 6-3)

B. If the public housing project operator under the Special Act on Public Housing or the rental business entity under the Special Act on Private Rental Housing reports a housing rental contract or change thereof, consider the contract or change thereof to have been reported pursuant to this Act (Article 6-5 (2))

C. Grant a fixed date under Article 3-6 (1) of the Housing Lease Protection Act when reporting a housing rental contract (Article 6-5 (3))

Report housing rental contracts (Article 6-2) and report changes to and termination of housing rental contracts (Article 6-3)