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.

National Law Information Center>

https://www.law.go.kr/lsBylSc.do?menuId=9&subMenuId=55&tabMenuId=261&query=중개대상물 확인 설명서

The report includes the following items:

  1. Location, area, and building information of the property
  2. Ownership and legal rights
  3. Land use plans and transaction restrictions
  4. Site conditions: surrounding roads, public transportation, parking, educational facilities, shopping/medical facilities
  5. Building management: security office, management entity
  6. Presence of undesirable facilities
  7. Expected transaction amount
  8. Taxes and tax rates to be borne upon acquisition
  9. Actual ownership relationships or rights not publicly disclosed

10. Condition of internal and external facilities (buildings)