Ministry of Land revises 'without delay' deletion standard

The standard requiring real estate listings to be removed from platforms "without delay" after a sale will be revised to allow up to three days from the date a deletion request is issued by the registration authority. The image above is for illustrative purposes only. [Getty Images Bank]
The standard requiring real estate listings to be removed from platforms "without delay" after a sale will be revised to allow up to three days from the date a deletion request is issued by the registration authority. The image above is for illustrative purposes only. [Getty Images Bank]

A licensed real estate agent was hospitalized following an accident and could not remove a property listing from multiple platforms for three days, resulting in a fine. A court later overturned the penalty, ruling it an excessive sanction.

The practice of imposing fines indiscriminately on agents who fail to remove sold property listings from real estate platforms is set to end.

The Ministry of Land, Infrastructure and Transport announced it has revised the "types and standards for improper display and advertising of brokerage objects" to reduce the burden on licensed agents caused by simple mistakes while continuing to protect consumers. The revised rules take effect Friday.

Under the Licensed Real Estate Agents Act, an agent who knows a contract has been concluded but fails to remove the listing "without delay" is subject to a fine of 2.5 million won ($1,610).

In practice, however, fines have been imposed even when delays of a few days resulted from an agent's hospitalization or a family bereavement, leading to complaints of unfair treatment and a series of court rulings overturning the penalties.

Through the revision, the ministry ensured that fines will not be imposed when a listing is not removed on time due to a simple mistake. Rather than requiring removal "without delay," the new standard designates as a violation only cases in which an agent fails to remove a listing within three days of receiving a deletion request from the registration authority — whether by mail, in person or through an online network — improving procedural fairness.

In addition, the ministry introduced a new provision imposing fines when a sold property listing is used in a way that causes actual harm to consumers or undermines the integrity of the real estate market. The measure signals the ministry's intent to continue cracking down strictly on false and bait listings.

"This revision is meaningful in that it corrects an unreasonable regulation that imposed excessive penalties even for simple mistakes, while maintaining strict oversight of false and bait listings," said Ahn Jin-ae, director of the ministry's Real Estate Development Industry Division. "Under the principles of protecting citizens' property rights and establishing order in real estate transactions, we will continue to pursue rational system improvements that reflect the voices of those in the field," she added.


smh@heraldcorp.com