Real Estate Agency in SeoulStarting today, when a realtor enters into a house sale contract, it is necessary to confirm from the seller whether the tenant has exercised the right to apply for renewal of the contract and write it in the contract.
According to the Ministry of Land, Infrastructure and Transport on the 13th, the enforcement rule of the’Authorized Brokerage Act’ requires that a brokerage when brokering the sale of a house with an existing tenant, the seller confirms whether the tenant has exercised the right to apply for contract renewal, and specifies the details in the instructions for confirming the brokerage object. It will take effect on this day.
Since last year’s Housing Lease Protection Act was revised, the facts about whether or not the tenant exercised the right to apply for contract renewal in the sale of a house with a tenant was unclear, which led to disputes.
Accordingly, the revised enforcement regulations require that the seller check whether the tenant has exercised the right to apply for contract renewal when a real estate broker brokers the sale of a house and write it down in the instructions for confirming the brokerage object.
Separately, the broker will receive a more detailed separate document related to this,’Confirmation of Right to Apply for Contract Renewal’ from the seller.
In this document, whether or not the tenant has exercised the right to apply for renewal of the contract, whether it is planned, whether it has been decided not to exercise, or has not yet decided.
Originally, the amendment to the Enforcement Regulations of the Public Brokerage Act was a content that requires a public broker to check whether or not the tenant has renewed the contract and explain it to the buyer, but the brokers responded, saying,’It will put an excessive burden.’
Accordingly, the method was changed so that the seller prepares a document confirming whether or not the tenant exercised the right to apply for renewal of the contract and submits it to a real estate agent, and the agent is asked to explain it to the buyer based on this.
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