Real estate acquisitions

Land acquisition report in accordance with contract

Those required to report: Those who hold foreign citizenship, foreigners and foreign corporations
(Permanent residents are considered Korean nationality holders and excluded from this list.)

Factors associated with contract: Purchase, transaction, donation
Relevant law: The Foreigner's Land Acquisition Act, Article 4 (1)
Reporting period: Within 60 (sixty) days of signing the contract

Submittal of a report on real estate transaction is deemed to be a report on a foreigner's land acquisition.
Documents to be submitted: the land acquisition contract (through purchase or donation) and ID

Land acquisition report due to a factor other than a contract

Factors other than a contract: Inheritance, auction, the court's ruling, business merger, etc.

Relevant law: The Foreigner's Land Acquisition Act, Article 5

Reporting period: Within 6 (six) months of land acquisition
In the case of inheritance: Within 6 months of the death of the bequeather or the decision of the inheritor
In the case of auction: Within 6 months of full payment of auction amount
In the case of redemption: Within 6 months of the day of redemption contract or the day redemption amount is deposited
In the case of a court ruling: Within 6 months of the day of the court's final ruling
In the case of business merger: Within 6 months of the day of merger registration

Documents to be submitted: Those verifying factors other than a contract and ID
In the case of inheritance: A copy of the family register, a copy of the bequeather's deleted family census register.
In the case of auction: A certificate of full payment of auction amount
In the case of redemption: A copy of the redemption contract
In the case of the court's ruling: A copy of the court's ruling

Report on foreigner's continued possession of land

Relevant law: The Foreigner's Land Acquisition Act, Article 6

Reporting period: Within 6 months of changing status to foreigner or foreign corporation

Documents to be submitted: A document certifying the change of nationality

Maximum fine amount on violation of the Foreigner's Land Acquisition Act

Cultural Heritage
division Involving a contract Involving other than a contract Continued possession
Delay in report and false report 3 million won 1 million won 1 million won

Things to be noted additionally

When submitting a report on behalf of another person: Please present ID of the agent and the principal.

When submitting a report by fax or mail: Please include a copy of the foreigner's ID.

Other things in the real estate title transfer procedure are not different from those to be followed by Koreans. For more details, please contact the Real Estate Information Division, the Mapo-Gu District Office (☎02-3153-9533).