Who should pay the brokerage fee?
•
In South Korea, When a real estate transaction occurs, both the tenant and the landlord, or the buyer and the seller, each pay a brokerage fee.
•
If one brokerage handles both sides of the transaction, both parties pay the brokerage fee to that brokerage.
Real Estate Commission
The brokerage fee follows the real estate commission rates set by local government ordinances in Korea.
For example - Seoul Rent Commission Rules.
Housing Types | Transaction Amounts | Brokerage fee
(Exclusive of VAT) |
Housing | Less than 50 million KRW | 0.5% |
50 million KRW to less than 100 million KRW | 0.4% | |
100 million KRW to less than 600 million KRW | 0.3% | |
600 million KRW to less than 1.2 billion KRW | 0.4% | |
1.2 billion KRW to less than 1.5 billion KRW | 0.5% | |
1.5 billion KRW or more | 0.6% | |
Officetels | For units with an exclusive area of 85㎡ or less, equipped with specific facilities (exclusive kitchen, exclusive flush toilet, and bath facilities, etc.) | 0.4% |
For units that do not meet the above criteria | 0.9% | |
Others | Land, commercial properties, etc. | 0.9% |
For transaction amounts including rent in addition to the deposit
- Default : Deposit + (Monthly Rent X 100)
- if the total amount is less than 50 million KRW: Deposit + (Monthly Rent X 70)
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