According to the Korean Real Estate Agent Act and its Enforcement Regulations, real estate agents are required to inspect the property and accurately record its condition in a <Property Inspection Report>. They must explain and provide this report to both parties involved in the transaction.
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https://www.law.go.kr/lsBylSc.do?menuId=9&subMenuId=55&tabMenuId=261&query=중개대상물 확인 설명서
The report includes the following items:
- Location, area, and building information of the property
- Ownership and legal rights
- Land use plans and transaction restrictions
- Site conditions: surrounding roads, public transportation, parking, educational facilities, shopping/medical facilities
- Building management: security office, management entity
- Presence of undesirable facilities
- Expected transaction amount
- Taxes and tax rates to be borne upon acquisition
- Actual ownership relationships or rights not publicly disclosed
10. Condition of internal and external facilities (buildings)
- Water: damage status, water supply quantity
- Electricity: supply status