🏠 Real Estate Sale Contract Builder
Deposit-based rescission ends the moment the other side performs. Put that cut-off in writing.
| Seller | Seller address | ||
|---|---|---|---|
| Seller tel | Buyer | ||
| Buyer address | Buyer tel |
| Address | Land category / use | ||
|---|---|---|---|
| Land area (m²) | Building structure / use | ||
| Building area (m²) | |||
Article 1 (Price and payment) 1. Price: KRW 2. Deposit KRW on signing. 3. Interim payment KRW on . 4. Balance KRW on , against delivery of the documents needed for transfer of title. 5. Account:
Article 2 (Transfer and delivery) 1. On receiving the balance, the Seller delivers all documents required for registration and cooperates with the process. 2. The Seller hands over the property on . 3. By the time the balance is received, the Seller removes all mortgages, leasehold rights, provisional attachments and unpaid taxes limiting ownership — except those the Buyer has agreed to assume.
Article 3 (Seller's warranty) 1. If the property has a defect, the Seller bears the statutory warranty, unless the Buyer knew or was negligently unaware of it at signing. 2. This right must be exercised within six months of the Buyer learning of the defect. 3. Even with a warranty-exemption clause, the Seller remains liable for a defect it knew of and did not disclose, and for rights it created or transferred to a third party.
Article 3 (Rescission) 1. Before either party begins performance, the Buyer may rescind by forfeiting the deposit and the Seller by returning twice the deposit. 2. That right ends once the other party begins performance. Paying the interim instalment counts as beginning performance. 3. On breach, the other party may rescind after a written demand to perform, and may claim damages.
Article 4 (Transaction filing and taxes) 1. The parties jointly file the actual price with the local authority **within 30 days of signing**. Where a licensed broker prepared and delivered the contract, the broker files. 2. On receiving the filing certificate, the Buyer is deemed to have obtained the endorsement required for registration. 3. Taxes and public charges are borne by the Seller up to the day before delivery and by the Buyer from the delivery date. 4. Capital gains tax is borne by the Seller and acquisition tax by the Buyer.
[Special terms] 1. The Seller confirms the registered title status is: 2. On receiving the balance, the Seller discharges all mortgages and attachments limiting ownership. 3. The Seller confirms there are no unpaid national or local taxes and will provide a tax clearance certificate on request. 4.
| Contract date | Seller signature | Buyer signature |
|---|---|---|
| Date: (Sign) | Date: (Sign) | Date: (Sign) |
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💡 Existing tenancyRecommended
Tenanted property produces disputes over handover and the deposit. State whether the tenancy is assumed and how the deposit is handled.
💡 Liquidated damagesRecommended
Agreeing the consequence of default in advance saves proving the loss later.
You may omit these. We only tell you the risk.
- TitleReal estate sale contract · 12/12
- PartiesParties (full) · 12/12
- PropertyProperty description · 12/12
- PriceArt.1 Purchase price · 12/12
- Transfer and deliveryArt.2 Transfer and delivery · 12/12
- Seller's warrantyArt.3 Seller's warranty · 12/12
- RescissionArt.3 Rescission · 12/12
- Filing and taxesArt.4 Transaction filing and taxes · 12/12
- Special termsSpecial terms (title check) · 12/12
- Date and signatureDate and signature · 12/12
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- Title
- Parties
- Property
- Price
- Transfer and delivery
- Seller's warranty
- Rescission
- Filing and taxes
- Special terms
- Date and signature
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⚠️ This tool is not legal advice. Under Article 565(1) of the Civil Act, deposit-based rescission is available only before performance begins, and the actual price must be filed within 30 days of signing. Deals through a licensed broker use the broker's statutory form.
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What this tool does
A real estate sale contract fixes the terms on which property changes hands. Unlike residential leases, there is no single government-issued standard form, so drafts vary widely — yet what actually hurts people is not the wording but the deadlines that follow signing. Under Article 565(1) of the Civil Act, where a deposit has been paid and nothing else is agreed, the payer may rescind by forfeiting it and the recipient by returning double, but only until one party begins performance. Paying the interim instalment ends that window. Separately, Article 3(1) of the Act on Report of Real Estate Transactions requires the actual price to be filed within 30 days of the contract date. This builder puts both deadlines into the contract itself.
Who uses this
- Selling or buying directly, without a licensed broker
- Transferring property between family or acquaintances with a written record
- Drafting terms before engaging a broker
- Land-only deals, or buildings with an existing tenant
How to use
- 1Before signing, obtain the certified register and confirm the seller is the registered owner and check for mortgages or attachments.
- 2Copy the property description from the register verbatim; any difference stalls registration.
- 3Set the interim payment date. It is the cut-off for deposit-based rescission, not merely a date.
- 4If there is a tenant, use the block covering assumption of the tenancy and the deposit deduction.
- 5Include the filing clause and write the contract date — the 30 days run from it.
Payments and deadlines
Price = deposit + interim + balance. On deposit-based rescission the buyer forfeits the deposit and the seller returns double. Filing deadline = contract date + 30 days.
Worked examples
When rescission ends
Price KRW 500m with a KRW 50m deposit: a buyer who changes their mind forfeits KRW 50m; a seller who does returns KRW 100m. Once the interim instalment is paid, neither may use this route.
Filing deadline
Signed on 10 March, the filing is due by 9 April — counted from signing, not from the balance or registration date.
Assuming a tenancy
Buying a tenanted shop and assuming a KRW 30m deposit: deduct it from the price and require the seller to notify the tenant in writing of the transfer of landlord status.
Frequently asked questions
Can a deposit always be doubled back to escape the contract?
No. Article 565(1) limits it to before either party begins performance. Paying the interim instalment is the classic act of performance, after which deposit-based rescission is unavailable. Writing this into the contract prevents the misunderstanding.
Who files the transaction report?
The parties file jointly. Where a licensed broker prepared and delivered the contract, the broker files instead. In a direct deal, seller and buyer must do it themselves.
Is a separate endorsement needed for registration?
Once the authority issues the filing certificate, the buyer is deemed to have obtained the endorsement required under the Special Measures Act for Registration of Real Estate. The registration filing deadline itself is not stated in this guide because it was not verified — confirm it with the registry office.
What if there are unpaid taxes?
They can affect the buyer's ownership in some cases. A block is provided with a warranty that no taxes are outstanding and a tax clearance certificate will be produced on request. Confirm the specific effect with a tax specialist.
Cautions
- •This tool is not legal advice. Given the sums involved, check the register and consult a specialist.
- •Deals through a licensed broker use the broker's statutory form; this builder suits direct deals and drafts.
- •The property description must match the certified register exactly.
- •For a lease, use the lease builder instead — and for residential leases, the Ministry of Justice standard form.
Last reviewed: 2026-08-31