New electronic real estate contract system automates transaction reporting

The Korea Real Estate Board has unveiled the final stages of its electronic contract system, which automatically processes transaction reports and fixed date applications once parties complete their digital signatures. While the system automates several procedures, users must still manually manage move-in notifications and non-residential lease fixed date applications.

The final stages of the Real Estate Transaction Electronic Contract System—the digital alternative to paper-based real estate transactions—have been unveiled, detailing the electronic signature process and subsequent procedures following contract completion. Once the contracting parties finish signing, the actual transaction report and the application for a fixed date are processed automatically; however, some administrative procedures, such as move-in notifications, must be managed directly by the user.

According to the user guide provided by the Korea Real Estate Board, the electronic signature, which is the core of the electronic contract, can be conducted via smartphone, tablet PC, or PC. When using the mobile app, users enter their name and resident registration number and then log in by selecting one of the following: a joint certificate, mobile phone identity verification, or i-PIN. Conversely, when accessing via PC, identity verification for the signature is only possible through mobile phone identity verification. While photographing an ID is not a mandatory requirement, the process of the licensed real estate agent verifying the identity of the contracting parties is mandatory.

Signature Methods, Precautions, and Changes After Contract Completion

The signature method, performed after reviewing the contract details, is divided into a signature seal or a certificate signature. If the signature seal option is selected, the user must write their name in full print rather than providing a simple scribble. Once both the seller and the buyer complete the electronic signature and press the 'Close Contract' button, the contract process moves to the next stage. During this process, the buyer may also select a legal representative to proceed with electronic registration.

The final signature by the licensed real estate agent is possible only when both the contracting parties and the joint broker have completed their electronic signatures and the status reaches 'Awaiting Finalization.' When the agent completes the final signature using a joint certificate, a timestamp is generated in the time confirmation box at the top right of the contract, and an official electronic signature mark is left in the agent's signature section. Once completed, the electronic contract document is transferred to the Official Electronic Document Center and stored safely for five years.

Automated Reporting vs. Manual Move-in Notifications

One of the greatest advantages of the electronic contract is the convenience of administrative processing. According to the video, the application for the actual transaction report is performed automatically, and lease reporting and fixed date applications are also processed automatically. However, users must personally verify through the Real Estate Transaction Management System whether the reports were successfully approved and check specific details such as fund procurement plans. Whether the lease report and fixed date have been granted must also be confirmed through the Real Estate Transaction Management System or the competent local government.

It is important to note that not all administrative procedures are resolved automatically. Move-in notifications are not applied for automatically and must be carried out separately by the user. Additionally, in the case of non-residential lease contracts, the application for a fixed date is not processed automatically. Since non-residential contracts are handled by the competent tax office, users must check and proceed with them directly. The time confirmation date on the lease agreement is granted at the time of contract conclusion, which is linked to the timing of the fixed date grant.

Source: original video (YouTube)