SEJONG, Jun. 25 (Korea Bizwire) — The Korean government has begun a project to develop an online contracting system for property purchasing and leasing, said the Ministry of Land, Infrastructure and Transport (MOLIT) on June 24.
The online system will enable Korean citizens to sign a real estate contract with an electronic signature or an authentication certificate issued by the Korean government.
The MOLIT is planning to complete development of the new system this year, and launch a pilot using properties in the Seocho District from January 2016.
After working on improvements for a year, a nationwide-release is expected in 2017.
The MOLIT explained that with the online contracting system, individuals will be able to browse and issue contract documents 24 hours a day, and use various anti-fraud measures provided in the system.
The online system will be linked to the MOLIT’s existing online property transaction portal, Real Estate Transaction Management System (RTMS).
Tenants will receive additional protection through the online system, as they will be provided with the right to issue definite move-in dates.
The ministry estimated that about 331.6 billion won (US$ 298.9 million) would be saved every year once the online system is operational.
By John Choi (email@example.com)