Buying your first home in Korea is a chain of "what now?" moments. When is the deposit due? When do I apply for a loan? Who handles registration? Get the order wrong and costs land when the money isn't ready — or you skip a check that matters.
One thing is widely misunderstood. The 60 days for acquisition tax and the 60 days for registration are two separate deadlines. Treat them as one, let the registration slip, and a fine arrives that climbs in steps from 5% to 30% of the base amount depending on how late you are. The full step table is below.
Here's the whole process in sequence, with what to verify and what to pay at each stage.
The typical flow is contract → (30–60 days) → interim payment → (30–60 days) → balance and registration, taking two to three months. Standard splits are 10% deposit, 40–50% interim, 40–50% balance (negotiable).
Timeline and cash flow
| Stage | Timing · outlay |
| ① Viewing and holding deposit | Small holding sum |
| ② Main contract | Deposit of 10% of price |
| ③ Loan application | Right after signing (2–7 days review) |
| ④ Interim payment | 40–50% of price |
| ⑤ Balance and transfer | Balance + acquisition tax, commission, scrivener |
| ⑥ Registration complete | 1–2 weeks after balance |
① Before you commit
- Property register — mortgages, attachments, trusts
- Building ledger — violations, actual area and use
- Market price — recent transactions for the same complex and size on the official disclosure system
- Site visit — light, noise, leak marks, water pressure, surroundings
- Maintenance fees and arrears — ask the management office
Careful with holding deposits. Wiring money in a rush can constitute a concluded contract. At minimum, put the address, amount, closing date and refund conditions in writing first.
② Signing the contract
| Counterparty | Confirm the registered owner against ID |
| If an agent signs | Check power of attorney and seal certificate |
| Payment account | Must be in the owner's name |
| Contract essentials | Price, payment schedule, closing date, special clauses |
| Disclosure statement | Receive and sign it |
Clauses worth adding
- "The seller shall create no new mortgage or attachment before the closing date."
- "The seller shall settle maintenance fees and utilities as of the closing date."
- "If the buyer's loan is refused, the contract is void and the deposit refunded."
- "The seller is responsible for material defects in the current condition."
③ The loan — start immediately
- Limits — the lower of LTV (value-based) and DSR (income-based) is your real cap.
- Compare banks — small rate gaps compound into millions. Check payments in the loan calculator.
- Fixed or variable — pick what your cash flow survives, not what you think rates will do
- Documents — income, employment, contract, property register
④ Interim payment — the point of no return
Legally significant. While only the deposit has changed hands, the common description is that the buyer can walk away by forfeiting it and the seller by returning double. Once the interim payment is made, unilateral cancellation becomes difficult. In a rising market, paying the interim early is a defense against a seller trying to break the deal.
⑤ Closing day
| Final check | Re-issue the property register — no new mortgages |
| Seller's loan | Confirm existing mortgages are discharged |
| Settlement | Maintenance fees, utilities, long-term repair reserve |
| Payments | Balance + commission + scrivener fee |
| Receive | Keys, title deed, management handover |
⑥ Registration — the fine climbs in steps
This is the heart of the article. Gangnam District's property information page states that transfer registration must be filed within "60 days from the date the counter-performance is completed" — read that as the day you finish paying the balance — and that a fine applies beyond it.
What matters is that the fine is not a flat sum. It rises in steps with the delay.
| Delay | Fine basis |
|---|---|
| Under 2 months | 5/100 of the base amount |
| 2 to under 5 months | 15/100 |
| 5 to under 8 months | 20/100 |
| 8 to under 12 months | 25/100 |
| 12 months or more | 30/100 |
The same page gives 20 days from the payment start date to pay the fine, and 30 days from receiving the notice to object.
Acquisition tax — 60 days, and relief if you are late
Ansan City's Sangnok-gu tax office states that acquisition tax must be "reported and paid within 60 days from the date of acquisition." The rates it publishes for residential purchases are these.
| Acquisition price | Rate |
|---|---|
| ₩600M or less | 1% |
| Over ₩600M up to ₩900M | 1–3% (graduated within the band) |
| Over ₩900M | 3% |
Miss the deadline and the non-filing or under-reporting penalty is 20% of the calculated tax. But there is a relief provision most people never hear about.
For a late filing, the penalty is reduced by 50% within one month, 30% within three months and 20% within six. For an amended filing correcting an earlier error, the reduction is 90% within one month, 75% within three and 50% within six. Being late is not a reason to give up — moving fast is money.
The same page puts the penalty for reselling without registering at 80% of the acquisition tax. Rate bands and exemption conditions are covered in more detail in the acquisition tax guide.
Agent commission — six bands, not two
Most buyers think in terms of "0.4% or 0.5%." In fact sales and leases each have six bands, and they break at different points: sales at ₩50M, ₩200M, ₩900M, ₩1.2B and ₩1.5B; leases at ₩50M, ₩100M, ₩600M, ₩1.2B and ₩1.5B. Merged into one table, that becomes eight rows. Incheon's published ceiling table reads:
| Transaction value | Sale / exchange ceiling | Lease ceiling |
|---|---|---|
| Under ₩50M | 6/1,000 | 5/1,000 |
| ₩50M – under ₩100M | 5/1,000 | 4/1,000 |
| ₩100M – under ₩200M | 5/1,000 | 3/1,000 |
| ₩200M – under ₩600M | 4/1,000 | 3/1,000 |
| ₩600M – under ₩900M | 4/1,000 | 4/1,000 |
| ₩900M – under ₩1.2B | 5/1,000 | 4/1,000 |
| ₩1.2B – under ₩1.5B | 6/1,000 | 5/1,000 |
| ₩1.5B or more | 7/1,000 | 6/1,000 |
The lowest bands carry absolute caps: ₩250,000 for sales and ₩200,000 for leases under ₩50M, ₩800,000 for sales from ₩50M to under ₩200M, and ₩300,000 for leases from ₩50M to under ₩100M. Officetels do not use this table at all — they take a flat 5/1,000 on sales and exchanges and 4/1,000 on leases.
These are ceilings. The figures are maximums and the actual fee is negotiated below them. Agreeing the rate before you sign saves an argument on closing day.
💰 What it costs beyond the price
First-time buyers most often miss this: budget 2–4% of the purchase price on top.
| Acquisition tax | 1–3% on residential purchases (separate surtaxes apply on top) |
| Agent commission | Negotiated within the ceilings above |
| Scrivener fee | Several hundred thousand won |
| Stamp duty, bonds | Minor |
| Moving and interiors | Separate |
Keep every receipt. Acquisition tax, commissions, scrivener fees, extensions and windows include items later allowed as expenses against capital gains tax — paperwork that saves millions a decade from now.
Holding costs start the following year. Above a certain assessed value, the comprehensive real estate tax arrives too, so it is worth running the numbers before you buy. If you plan to lease the home out, read what the law requires of landlords as well.
Questions you may have
Can I cancel after a holding deposit?
Without stated conditions it may count as a concluded contract, making recovery difficult. Put refund terms in writing first.
Are the two 60-day deadlines the same?
No. Acquisition tax runs 60 days from the date of acquisition; registration runs 60 days from completion of counter-performance — the closing day. In practice both are usually handled at closing, but they are separate rules.
How much does a slightly late registration cost?
Under two months, 5% of the base amount. Past two months it jumps to 15%. Two months is the cliff.
Can the closing date move?
Only by agreement. Delaying unilaterally can trigger interest or cancellation.
Can I register the transfer myself?
Yes, though lenders often require their own scrivener when a mortgage is involved.
Is VAT added to the agent's commission?
It depends on the agency's tax status. Incheon's rate table says nothing about VAT, so confirm before signing whether the quoted fee includes it.
Sources and where to check
- Gangnam District property information — fines for late property registration. Source of the "60 days from completion of counter-performance" deadline, the step table (under 2 months 5/100, 2–5 months 15, 5–8 months 20, 8–12 months 25, 12 months or more 30), the 20-day payment window and the 30-day objection period.
- Ansan City Sangnok-gu tax office — acquisition tax. Source of the 60-day filing and payment rule, the residential rates (1% / 1–3% / 3%), the 20% non-filing penalty, the 80% penalty for unregistered resale, and the late-filing (50/30/20%) and amended-filing (90/75/50%) reductions.
- Incheon Metropolitan City — brokerage commission rates. Source of the full band-by-band ceilings for sales and leases, the absolute caps in the lowest bands, and the separate officetel rates (5/1,000 on sales, 4/1,000 on leases).
Written as of July 2026. The registration deadline and fine steps, the acquisition tax deadline, rates, penalties and reductions, and the commission ceiling table all come from the municipal pages above. By contrast, the double-refund rule and the loss of unilateral cancellation after the interim payment, the legal character of a holding deposit, the 14-day move-in report deadline, the real-estate transaction reporting deadline and its fine, the local education and rural special surtaxes that ride on acquisition tax, the national housing bond purchase basis, and whether commissions are quoted before VAT could not be checked against a public-agency original. Municipal pages are also updated at different times, so re-check acquisition tax rates and commission ceilings with your own city or district tax office and on Wetax just before signing. This is general information, not legal or tax advice.
