Purchase Procedures for Housing in Korea

Various laws, such as The Foreigner’s Land Acquisition Act, The Foreign Exchange Transactions Act, and The Foreign Investment Promotion Act, apply to foreign nationals’ acquisition of real estate in Korea.

Regulations relating to land acquisition, use, and development apply equally to locals and foreign nationals.

In the event of foreign nationals’ land acquisition, different laws and procedures apply, depending on the purpose of the acquisition, whether residing in Korea, and whether an individual or a corporation.

 

Resident foreign nationals

Report on real estate acquisition

• Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
• The report should be submitted to: Cadastral Department, Si/Gun/Gu having jurisdiction over the area where the relevant real estate is located.
• Documents to be submitted: The real estate contract; a copy of the real estate register (in the name of the seller)
• Period required for handling: Immediate

Registration of title transfer

• Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
• The report should be submitted to: The registration office having jurisdiction over the area where the relevant real estate is located
• Documents to be submitted:
  1. The foreign national registration certificate (for an individual) or the corporation registration certificate (for a corporation)
  (* As regards a resident foreign national, the registration number and the address for real estate registration refer to the foreign national registration number and the address stated in the foreign national registration certificate or the corporation registration certificate.)
  2. Registration application, registration-related evidential document (contract etc), registration certificate, a copy of the land register
  3. The power of attorney containing the seal impression of the entrustor (if applicable)
• Period required for handling: Immediate

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Non-residing foreigners

• A non-resident foreign national should prepare the following documents prior to entry to Korea.
• For an individual : a copy of the certificate of citizenship, a copy of the certificate of residence  or the address certificate issued by the government of the home country
• For a corporation : a copy of the corporation certificate (with the address stated) or the address certificate issued by the government of the home country

 

Report on real estate acquisition

• Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
• The report should be submitted to: Cadastral Department, Si/Gun/Gu having jurisdiction over the area where the relevant real estate is located
• Documents to be submitted: The real estate contract; a copy of the real estate register (in the name of the seller)
• Period required for handling: Immediate

Issuance of registration number for real estate registration

• Documents to be submitted:
  For an individual: passport or a copy of certification of citizenship, land acquisition report certificate
  For a corporation: Please contact the Department of Cadastral Affairs (02-3703-5060), the Ministry of Government Administration and Home Affairs
  * The power of attorney issued by a public  notary office in the home country (for an foreign national) or by a Consular Office in the relevant country (for a Korean residing in a foreign country) (if applicable).
• Office for application:
  For an individual – The Seoul Immigration Control Office (in Mok-dong/02-650-6237)
  For a corporation – Cadastral Department, Si/Gun/Gu having jurisdiction over the area where the relevant real estate is located
• Period required for handling: Immediate

Registration of title transfer

• Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
• The report should be submitted to: The registration office having jurisdiction over the area where the relevant real estate is located
• Documents to be submitted:
  1. The foreign national registration certificate (for an individual) or the corporation registration certificate (for a corporation)
  (* As regards a resident foreign national, the registration number and the address for real estate registration refer to the foreign national registration number and the address stated in the foreign national registration certificate or the corporation registration certificate.)
  2. Registration application, registration-related evidential document (contract etc), registration certificate, a copy of the land register
  3. The power of attorney containing the seal impression of the entrustor (if applicable)
• Period required for handling: Immediate

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