The paper you get alongside a Korean property contract is the “confirmation and explanation of the property”. Article 25 of the Licensed Real Estate Agents Act requires the agent, before the deal completes, to check rights, legal restrictions and more, explain them faithfully and accurately, and show supporting records such as the land register and building ledger. When the contract is written, the agent hands over this in writing, signed and sealed, and keeps it for 3 years. This sets out the 13 items in Decree Article 21, including 4 items that apply only to home leases.
1. Before the deal completes, the agent must confirm, explain and show records.
2. The statement is handed over in writing and kept 3 years, signed by the agent and any associate who handled it.
3. Home leases add 4 items, including maintenance charges, small-deposit priority and the registered-households record.
What must be explained — Decree Article 21(1)
| Item | What to confirm and explain | Applies to |
|---|---|---|
| 1 | Type, location, lot number, land category, area, use, structure, year built | All |
| 2 | Ownership, jeonse, mortgage, surface and lease rights — rights | All |
| 3 | Expected price, brokerage fee and expenses, with workings | All |
| 3의2 | Maintenance charges and workings | Home leases |
| 4 | Land use plan, public-law trading and use restrictions | All |
| 5 | Water, power, gas, fire safety, heating, lifts, drainage | All |
| 6 | Walls, floors, wallpaper | All |
| 7 | Sunlight, noise, vibration | All |
| 8 | Roads, transport, shops, schools | All |
| 9 | Taxes and rates due on acquiring it | All |
| 10 | Landlord’s duty to show information; small-deposit priority | Home leases |
| 11 | Viewing the record of registered households | Home leases |
| 12 | Deposit guarantee for private rental housing | Home leases (private rental only) |
“Home leases” reflects the proviso applying items 3-2 and 10 to 12 only to brokering home leases. Fees themselves are in brokerage fees; reading the register is in property register.
The agent’s steps — Act Arts. 25 and 25-3, Decree Art. 21
| Type | What the source says | Worth noting (ours) |
|---|---|---|
| When | Before the deal completes | Explanation should come before signing |
| Records | Land ledger or integrated certificate, register, trust register, building ledger — shown | — |
| Asking the seller | The agent may ask the seller or landlord for condition records; a refusal is explained and written in | “The owner wouldn’t say” goes on record |
| Writing | The statement is handed over in writing with the contract | No keeping duty if held by an authorised e-document centre |
| Keeping | Original, copy or e-document for 3 years | — |
| Signing | The agent (or a firm’s representative) and any associate who handled it sign and seal | — |
| Home leases | Explain that you can request deposit information from the fixed-date office and view the landlord’s unpaid taxes (Art. 25-3) | Aimed at deposit fraud |
Checklist
- ☐ Read a draft statement before signing
- ☐ Were the register and building ledger actually shown?
- ☐ The rights section (mortgages, seizures, trusts) isn’t blank
- ☐ For a lease: maintenance charges, small-deposit priority, registered households
- ☐ Signatures and seals; keep your copy
Questions that remain
What if a wrong explanation cost me money?
Article 30 makes the agent liable for property loss caused intentionally or negligently and requires a guarantee to back it. The amounts are in agent liability guarantee.
Where is the form?
Decree Article 21(3) uses a form set by ministry ordinance, which we didn’t set out.
Sources
- Korean law database (law.go.kr) — Licensed Real Estate Agents Act Arts. 25, 25-3; Enforcement Decree Art. 21 — source (Act effective 28 August 2026, No. 21409; checked 19 October 2026). Timing and records, asking for records and noting refusals, written statement and 3-year keeping, signatures, lease explanation duty, the 13 items and their scope.
- Korean law database — Enforcement Decree (effective 28 August 2026, No. 36590).
- Not read. The ordinance form and the sanctions for breaches.
- What we added. The “worth noting” column and the Korean everyday gloss.
Where to check further
- The agency itself — its registration and a copy of its guarantee.
Written on 19 October 2026. The content is from the source; the glosses are ours.
