(1) When a foreigner, etc. enters into a contract on acquisition of any real estate, etc. in the territory of the Republic of Korea (excluding contracts set forth in subparagraphs of Article 3 (1)), he or she shall file a report thereon with the report-receiving authority within 60 days from the conclusion date of the contract, as prescribed by Presidential Decree.
(2) When a foreigner, etc. acquires any real estate, etc. within the territory of the Republic of Korea by means of inheritance, auction, or any cause other than contracts prescribed by Presidential Decree, he or she shall file a report thereon with the report-receiving authority within six months from the date of acquisition of the real estate, etc., as prescribed by Presidential Decree.
(3) Where a national of the Republic of Korea who possesses any real estate, etc. within the territory of the Republic of Korea or a corporation or organization incorporated under the statutes and regulations of the Republic of Korea becomes a foreigner, etc., and if the relevant foreigner, etc. intends to possess the relevant real estate, etc. continuously, the foreigner, etc. shall file a report thereon with the report-receiving authority within six months from the date of change to foreigner, etc., as prescribed by Presidential Decree.