MOLIT Draws a Line Under Reports of Discussions on Introducing a “Site-Visit Fee,” Saying It Has “Not Reviewed It”

[Financial News] The Ministry of Land, Infrastructure and Transport (MOLIT) has rejected claims surrounding the proposed introduction of a so-called site-visit fee, under which licensed real estate agents would show properties to clients in person and charge a fee.
MOLIT said on the 8th that it had “neither consulted with nor reviewed the introduction of a fee for visiting a property in person, the so-called site-visit fee, with the Korea Association of Realtors.”
Earlier, some media outlets reported that the chair of the Korea Association of Realtors had argued at a press briefing that “a site-visit fee should be introduced so that agents can charge a set fee when clients view homes listed for sale or visit properties in person.”
MOLIT explained, “Licensed real estate agents may receive brokerage fees and actual expenses from clients, in accordance with relevant laws, for brokerage services.” It added, “Brokerage fees are calculated based on the transaction amount when a contract is concluded, while actual expenses are limited to costs such as issuing certificates, transportation, and lodging.”

[email protected] Jung Kyung-soo Reporter