South Korea — Property: Buying Process

Why this matters

Understanding the buying process in South Korea is crucial for foreigners seeking to purchase property, as they may face additional requirements and restrictions.

Key facts

• A property sale contract for land and buildings must be reported within 30 days of the contract date, nationwide.
• Both the seller and the buyer, and the real estate agent, are obliged to report.
• Reports are filed at the district office (gu-cheong) where the property is located or online through the MOLIT Real Estate Transaction Management System (rtms.molit.go.kr); help is on 1533-2949.
• Reportable deals also include initial sales of developer-supplied property and resales of presale and occupancy rights.
• Late or false price reports carry fines, though the page lists no amount for sales.

Steps

1. Step 1: Pre-approval and Due Diligence — Obtain pre-approval from a bank for a mortgage, and conduct due diligence on the property, including inspecting its condition and reviewing its ownership and title.
2. Step 2: Contract Signing — Sign a purchase agreement with the seller, which includes the property's details, price, and payment terms.
3. Step 3: Registration and Transfer — Register the property transfer with the relevant authorities, and transfer the ownership to the buyer.