South KoreaWhat is the obligation to report actual transaction prices?
In South Korea, real estate sellers and brokers must report actual transaction prices to the local government within 30 days of contract execution.
What the Law Says
South Korean law requires transparency in real estate transactions by mandating the reporting of actual sale prices to prevent tax evasion and speculative trading.
Under the Act on Real Estate Registration, owners or their agents must submit the actual transaction price to the competent local government office within 30 days after concluding a real estate sales contract.
The Real Estate Brokerage Act imposes the same reporting duty on real estate brokers who mediate such transactions. Brokers must also retain records for at least 5 years.
Failure to report, or submitting false information, may result in administrative fines up to ₩3 million under Article 42 of the Real Estate Brokerage Act.
Statutory TextThe owner of real estate or his agent shall report the actual transaction price to the head of the local government within thirty days from the date of conclusion of the contract.
— Act on Real Estate Registration, Art. 36 — Reporting of Actual Transaction Price
Statutory TextA real estate broker shall report the actual transaction price to the head of the local government within thirty days from the date of conclusion of the contract.
— Real Estate Brokerage Act, Art. 42 — Reporting of Actual Transaction Price
What to Do
Confirm whether the transaction involves registered real estate in South Korea.
Within 30 days of signing the sales contract, submit Form 101 (Actual Transaction Price Report) to the local Si/Gun/Gu office.
If using a broker, ensure they file the report — but the seller remains legally responsible if it is not filed.
Keep copies of the signed contract, payment records, and submission receipt for at least 5 years.
Sources
Not legal advice. This article is general information based on publicly available sources, written for educational purposes. Laws change and individual situations vary. Consult a licensed attorney in your jurisdiction before acting on anything you read here. Last reviewed: 2026-06-08.