(1) Where parties to a transaction enters into any of the following contracts, they shall jointly report matters prescribed by Presidential Decree, including the real transaction price, etc., to the head of the relevant Si (referring to the head of a Si without a Gu, the Special Self-Governing City Mayor, or the head of an administrative city in the Special Self-Governing Province)/Gun/Gu (hereinafter referred to as "report-receiving authority") having jurisdiction over the location of the real estate, etc. which is the object of the title (referring to the real estate which is the object of the title, in the case of a contract on the title) within 30 days from the date of the transaction contract; provided, if one of the parties to a transaction is the State, a local government or a person prescribed by Presidential Decree (hereinafter referred to as the "State, etc."), the report shall be filed by the State, etc.: <Amended on Feb. 8, 2017; Aug. 20, 2019>
1. A real estate sales contract;
2. A contract for supply of real estate under the statutes prescribed by Presidential Decree, such as the Housing Site Development Promotion Act and the Housing Act;
3. A sales contract which is for any of the following:(a) The status as a person selected to receive transfer of real estate pursuant to a contract referred to in subparagraph 2;(b) The status as a selected occupant, which is acquired based on authorization for the management and disposition plan provided for in Article 74 of the Act on the Improvement of Urban Areas and Residential Environments and authorization for project implementation plan provided for in Article 29 of the Act on Special Cases concerning Unoccupied House or Small-Scale Housing Improvement.
(2) Notwithstanding paragraph (1), if one of the parties to a transaction refuses to file a report, the other party may file a report solely, as prescribed by Ministerial Decree of the Land, Infrastructure and Transport.
(3) Where a practicing licensed real estate agent defined in subparagraph 4 of Article 2 of the Licensed Real Estate Agents Act (hereinafter referred to as "practicing licensed real estate agent") has prepared and delivered a contract document for a transaction under Article 26 (1) of that Act, the relevant practicing licensed real estate agent shall file a report under that paragraph, notwithstanding paragraph (1). In such cases, if the transaction has been brokered jointly, the relevant practicing licensed real estate agents shall jointly file a report.
(4) Notwithstanding paragraph (3), if one of the practicing licensed real estate agents has refused to file a report, paragraph (2) shall apply mutatis mutandis. <Added on Aug. 20, 2019>
(5) A report-receiving authority in receipt of report under paragraphs (1) through (4) shall issue a certificate of completion of reporting to the reporter without delay after verifying the reported matters. <Amended on Aug. 20, 2019>
(6) When a reporter receives a certificate of completion of report under paragraph (5), the buyer of the real estate, etc. shall be deemed to have obtained a seal of approval under Article 3 (1) of the Act on Special Measures for the Registration of Real Estate. <Amended on Aug. 20, 2019>
(7) The procedures for reporting under paragraphs (1) through (6) and other necessary matters shall be prescribed by Ministerial Decree of the Land, Infrastructure and Transport. <Amended on Aug. 20, 2019>