Input 2021.01.11 11:23
In the future, when an accredited realtor brokers the sale of a tenant’s house, it must confirm with the seller whether the tenant has exercised the right to apply for contract renewal, and specify the details in the document. This is to reduce disputes between buyers and sellers arising from not checking whether to exercise the right to apply for contract renewal during the sale of houses.
The Ministry of Land, Infrastructure and Transport announced on the 11th that the enforcement regulations of the Certified Brokerage Act will be implemented from the 13th of next month. The revised enforcement regulations require that the broker receive a document from the seller confirming whether the tenant has exercised the right to apply for contract renewal when buying or selling a house. In addition, in the’Confirmation and Instructions for Brokerage Objects’ written in the case of buying and selling a house, a new column was created to indicate whether to exercise the right to request contract renewal to indicate whether or not to confirm and attach documents. In the document confirming whether the right to apply for renewal of the contract has been exercised, as well as whether the right has been exercised, the current and the period of the lease after renewal are specified.
On the other hand, the Ministry of Land, Infrastructure and Transport has required that when an accredited broker broker a lease contract of a private lease registered company, the contents of the lease obligation and the start date of the lease must be entered in the confirmation/instruction for the brokerage object.
In addition, reasons for weighting and reduction are added to the standard for suspension of business of certified brokerages. The standards for suspension were weighted and reduced by comprehensively considering the content, degree, motives, and consequences of the violation of the law.
