Information about the differences in the property purchase procedure in South Korea for residents and non-residents...
Residents
Foreigners planning to buy property in South Korea are subject to the Foreigner's Land Acquisition Act and the Real Estate Registration Act.
Foreigners buying property must report the transaction to the appropriate district office, such as Si/Gun/Gu office, within 60 days of signing the purchase contract. The property purchase contract and the certified copy of the property registration must also be submitted.
Once the buyer pays the whole purchase price, the transfer of ownership registration must be completed at the registry within 60 days of the balance payment date. The following documents are required for the registration:
- Certified copy of the purchaser's alien registration
- Registration application
- Documents certifying causes for registration
- Registration certificate
- Certified copy of the property registration
Non-residents
Non-resident foreigners buying property in South Korea must abide by the Foreigner's Land Acquisition Act, Real Estate Registration Act, and Foreign Exchange Transactions Act.
Non-residents must prepare documents certifying their residence in a foreign country, or provide confirmation with proper authentication.
Non-residents bringing capital into South Korea in order to buy property must report the transaction to a foreign exchange bank by submitting a copy of the property contract, an appraisal report, and a certified copy of the property registration.
Non-residents must report the transaction to the appropriate district office, such as the Si/Gun/Gu office, within 60 days of signing of the purchase agreement. The property purchase contract and a certified copy of the property registration must also be submitted.
Once the balance is paid, the buyer must complete the transfer of ownership registration at the registry within 60 days. For the purpose of the registration, buyers must apply for a registration number at the appropriate immigration office with a certified copy of the land acquisition report and a copy of their passport. The following documents are required for the registration:
- Address certificate
- Registration application
- Registration certificate
- Certified copy of the property registration
- Documents certifying causes for registration
Information provided by Yun Je Lee, Associate Professor at Ajou University School of LawAttorney at Law in South Korea/Californiaccsnu4@gmail.com
