Realtors mandated to state accurate commission fee when signing contract with contractor from Feb. 2020
- 4 years ago
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If you are a homeowner in South Korea, we have some news for you.
Starting from February next year, real estate agents in South Korea will be required to confirm the accurate realtor fee when signing contract with the contractor.
This is according to the Ministry of Land, Infrastructure and Transport which also explained Tuesday that the Korea Appraisal Board will run a hotline from February to receive complaints on unfair behavior by realtors.
The ministry says that stating the accurate commission fee will prevent miscommunication between the realtor and the contractor.
As it stands right now, real estate agents in South Korea can charge in proportion to the contract amount.
If you are a homeowner in South Korea, we have some news for you.
Starting from February next year, real estate agents in South Korea will be required to confirm the accurate realtor fee when signing contract with the contractor.
This is according to the Ministry of Land, Infrastructure and Transport which also explained Tuesday that the Korea Appraisal Board will run a hotline from February to receive complaints on unfair behavior by realtors.
The ministry says that stating the accurate commission fee will prevent miscommunication between the realtor and the contractor.
As it stands right now, real estate agents in South Korea can charge in proportion to the contract amount.