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Real Estate Agency Commission

Type Transaction amount Commission rate(%) Limit(won) Note
Purchase, sale and exchange Over 50 million won 0.6 250,000 Commission=Transaction price x commission rate
Over 50 million won and under 200 million won 0.5 800,000
Over 200 million won and under 600 million won 0.4 No limit
Over 600 million won except the houses Mutual agreement between the client and agent within the legal commission rates of 0.2-0.9%
Rental Under 50 million won 0.5 200,000 Commission=Transaction price x commission rate
Over 50 million won and under 100 million won 0.4 300,000
Over 100 million won and under 300 million won 0.3 No limit
Over 300 million won except the houses Mutual agreement between the client and agent within the legal commission rates of 0.2-0.8%

Calculation of commission for the land on which a house is built uses the rate for houses

Above commission amount needs to be paid by both the buyer and the seller when a transaction is completed successfully. The expenses necessary for the confirmation of ownership of the real estate and other matters(certificate fee and transportation cost, etc) are borne by the client who wants to purchase or rent the real estate.

The commission is determined by multiplying the transaction price by the commission rate. However, if the commission so calculated exceeds the limit, the limit is the maximum amount to be paid

In the case of monthly rental, transaction price is based on {Deposit + (monthly rent x number of months contracted)}

Requirement of verification and documentation of the real estate brokered.

When a real estate agent receives a request, he/she has to verify the condition, location, ownership, and limited use prescribed by related laws and other matters concerned of the real estate. And the agent has to present the facts in documents to the client and give accurate and full information to the client.

Requirement of receipt issue

The real estate agent should give a receipt of commission and expenses used for the confirmation of ownership, etc. to the client.(Article 16 of Real estate brokerage law enforcement ordinance)

Seal and signature on the contract

When both parties agree to go through the transaction, the real estate agent has to make sure all the necessary items are written on the contract, and put seals and signatures on it. (Article 16 of Real estate agency law)

Liability

When the real estate agent causes financial loss to the client on purpose or by mistake, he or she is liable for the loss.(Article 19 of Real estate brokerage law)

Give a copy of liability certificate

When the transaction is completed, the real estate agent should explain the liability amount and period and give a copy to the client.(Article 19 of Real estate brokerage law)