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Everything you need to know before buying real estate is included in our South Korea Property Pack
Realtor and notary fees in South Korea follow government-regulated structures with specific commission caps based on property value tiers.
For a typical ₩500 million apartment purchase in Seoul, you'll pay around 0.4% (₩2 million) in realtor fees and ₩200,000-₩700,000 for notary services, though both are negotiable within legal limits.
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South Korean realtors charge commission rates capped by the government at 0.4% for properties in the ₩200-600 million range, while notary fees are typically fixed between ₩200,000-₩700,000 per document.
Both types of fees are negotiable within legal limits, with no difference in pricing structure between foreign and domestic buyers.
| Property Value Range | Max Realtor Commission | Typical Notary Fee |
|---|---|---|
| Under ₩50 million | 0.6% (max ₩250,000) | ₩200,000-₩400,000 |
| ₩50-200 million | 0.5% (max ₩800,000) | ₩300,000-₩500,000 |
| ₩200-600 million | 0.4% | ₩400,000-₩700,000 |
| ₩600-900 million | 0.5% | ₩500,000-₩700,000 |
| Over ₩900 million | 0.9% (tiered) | ₩600,000-₩800,000 |
How much do realtors in South Korea usually charge as a percentage of the property price?
South Korean realtors charge commission rates that are capped by government regulations based on property value tiers.
For properties valued between ₩200-600 million (which includes most Seoul apartments), the maximum commission rate is 0.4% of the transaction amount. This means on a ₩500 million apartment, the legal cap is ₩2 million in realtor fees.
The commission structure varies by price bracket: properties under ₩50 million can be charged up to 0.6% (with a maximum of ₩250,000), while properties in the ₩50-200 million range have a 0.5% cap (maximum ₩800,000). For high-end properties over ₩600 million, rates can go up to 0.5-0.9% depending on the exact value bracket.
These percentage-based fees apply to both buyers and sellers in most transactions, though the specific arrangements can vary depending on your agreement with the realtor.
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What is the average fixed fee or commission range for notaries in South Korea?
Notary fees in South Korea are typically fixed charges rather than percentage-based fees tied to property value.
The standard range for notary services on real estate transactions is ₩200,000 to ₩700,000 per document, with most basic property transactions falling closer to the lower end of this range. Simple apartment purchases usually require notarization fees of around ₩300,000-₩500,000.
Higher fees within this range typically apply when multiple documents need notarization, complex property structures are involved, or additional services like certified translations are required. Foreign buyers may face slightly higher costs if they need apostille services or additional document authentication.
The fee structure is relatively standardized across the country, with only minor variations between different notary offices or cities.
Are realtor fees negotiable in South Korea, and if so, what's the realistic range you can negotiate down to?
Yes, realtor fees in South Korea are negotiable within the legal commission caps set by the government.
While realtors may initially quote the maximum allowable rate, actual commissions often settle at 0.2-0.4% for properties in the ₩200-600 million range. This means on a ₩500 million apartment, you could potentially negotiate the fee down from the ₩2 million cap to as low as ₩1-1.5 million.
Your negotiating power depends on market conditions, the property's desirability, and the realtor's workload. In competitive markets or for highly sought-after properties, realtors may be less flexible. However, for standard transactions or in slower market periods, many agents accept reduced commissions to secure the deal.
The key is to negotiate before signing any agreements and to get the agreed-upon commission rate clearly stated in your contract with the realtor.
Does the realtor fee structure differ between buying, selling, and renting property in South Korea?
The realtor fee structure does vary between different types of property transactions in South Korea.
For rental transactions and jeonse (key money deposits), commission rates are generally lower than purchase transactions. Rental fees are typically capped at 0.3-0.4% for properties in the ₩200-600 million range, compared to the 0.4% cap for purchases.
For jeonse transactions specifically, where large deposits are involved, the commission structure follows similar percentage guidelines but may be negotiated differently since the transaction involves returning the deposit after the lease period.
Both buyers and sellers typically pay realtor fees in purchase transactions, though the specific arrangement can be negotiated. In rental transactions, the tenant usually pays the realtor fee, though landlords sometimes cover or split this cost to attract tenants.
Monthly rental transactions (wolse) have different fee structures, often involving lower percentage rates or fixed fees depending on the rental amount and lease terms.
Are notary fees based on the property value or are they typically flat-rate charges?
Notary fees in South Korea are typically flat-rate charges rather than percentage-based fees tied to property value.
The fee structure is based on the number and complexity of documents requiring notarization, not the monetary value of the property transaction. A ₩300 million apartment and a ₩800 million apartment would generally incur similar notary fees if the same documents need processing.
Standard notarization services for property transfers typically cost ₩200,000-₩700,000 regardless of property value. However, more expensive properties might require additional documentation or more complex legal structures, which could increase the total notary costs.
Foreign buyers might face higher notary costs not because of property value, but due to additional services like document translation, apostille certification, or extra authentication requirements for international transactions.
This flat-rate structure makes notary costs more predictable and represents a smaller percentage of total transaction costs for higher-value properties.
How much should you budget in Korean won for realtor and notary fees on a ₩500 million apartment purchase in Seoul?
| Fee Type | Standard Rate/Amount | Cost for ₩500M Property |
|---|---|---|
| Realtor Commission | 0.4% (legal cap) | ₩2,000,000 |
| Negotiated Realtor Fee | 0.2-0.3% (typical) | ₩1,000,000-₩1,500,000 |
| Notary Fees | ₩200,000-₩700,000 | ₩400,000-₩500,000 |
| Total Budget (Conservative) | Combined | ₩2,400,000-₩2,700,000 |
| Total Budget (Negotiated) | Combined | ₩1,400,000-₩2,000,000 |
Are there official government guidelines or caps on realtor commissions in South Korea?
Yes, South Korea has official government-mandated caps on realtor commissions that are enforced at the municipal level.
The Ministry of Land, Infrastructure and Transport sets the commission rate guidelines, which are implemented and monitored by local governments. These caps are legally binding, meaning realtors cannot charge more than the specified percentages.
The current structure as of September 2025 includes: 0.6% maximum for properties under ₩50 million, 0.5% for ₩50-200 million properties, 0.4% for ₩200-600 million properties, and tiered rates up to 0.9% for properties over ₩600 million.
These regulations apply to both Korean citizens and foreign buyers equally. Violations can result in penalties for real estate agencies, including license suspension or revocation.
Local governments may publish additional guidance or clarifications, but cannot set rates higher than the national caps. Some municipalities provide fee calculators or detailed breakdowns to help buyers understand the maximum allowable charges.
Do notary fees vary by city or region in South Korea, or are they standardized nationwide?
Notary fees in South Korea are largely standardized nationwide with only minor regional variations.
The basic fee structure of ₩200,000-₩700,000 per document applies consistently across major cities including Seoul, Busan, Incheon, and other metropolitan areas. This standardization makes it easier for buyers to budget regardless of where they're purchasing property.
Minor variations may occur between individual notary offices based on their specific service offerings, office overhead costs, or additional services provided. However, these differences are typically small and don't significantly impact the overall cost structure.
Rural areas might have slightly lower fees due to reduced operating costs, but the difference is generally minimal. More significant variations occur based on the complexity of services needed rather than geographic location.
Foreign buyers should expect consistent pricing whether buying in Seoul's Gangnam district or in smaller cities like Daegu or Gwangju.
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What additional taxes or administrative charges are typically added on top of realtor and notary fees?
Several additional taxes and administrative charges apply beyond realtor and notary fees in South Korean property transactions.
The most significant additional cost is acquisition tax (취득세), which typically ranges from 1-4% of the property value depending on the property type, buyer status, and local regulations. For a ₩500 million apartment, this could mean ₩5-20 million in additional taxes.
Registration tax (등록세) is another mandatory charge, usually calculated at 0.2-2% of the property value. Administrative fees for document processing, property registration, and government filings typically add another ₩100,000-₩500,000 to the total cost.
Foreign buyers may face additional charges including currency exchange fees, international wire transfer costs, and potentially higher documentation requirements. Legal translation and apostille services can add ₩200,000-₩800,000 to the transaction costs.
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How do fees for foreigners compare to fees for South Korean citizens—are they the same or higher?
Realtor and notary fees are legally the same for foreign buyers and South Korean citizens in terms of the basic commission structure.
The government-mandated commission caps apply equally to all buyers regardless of nationality. A foreigner buying a ₩500 million apartment faces the same 0.4% realtor commission cap and ₩200,000-₩700,000 notary fee range as a Korean citizen.
However, foreigners often incur additional costs that Korean buyers don't face. These include document translation services (₩100,000-₩300,000), apostille certification for foreign documents (₩50,000-₩200,000 per document), and potentially higher legal consultation fees for navigating foreign ownership regulations.
Currency exchange fees and international wire transfer charges can add 0.1-0.5% to the total transaction cost for foreign buyers. Some notaries may charge premium rates for handling international documentation, though this is not legally mandated.
The core fees remain the same, but the total transaction cost for foreigners typically runs ₩500,000-₩1,500,000 higher due to these additional administrative requirements.
At what stage in the buying process are realtor and notary fees usually paid in South Korea?
Realtor and notary fees are typically paid at the final closing stage of the property purchase process in South Korea.
Realtor commissions are usually due upon completion of the sale, after all contracts have been signed and the property title has been officially transferred. Payment is typically made on the same day as the final settlement, ensuring that the service has been fully completed before fees are paid.
Notary fees are paid directly to the notary office when the notarization services are performed, which is usually during the final documentation phase just before or during closing. Some notaries may require payment upon completion of each document, while others collect all fees at the end of the process.
Neither realtor nor notary fees are typically required upfront or during the initial contract signing phase. However, some agencies may request a small administrative fee or earnest money that gets applied toward the final commission.
Payment methods usually include cash, bank transfer, or certified check, with most professionals preferring electronic transfers for larger amounts to ensure secure payment processing.
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Can you reduce overall costs by using a real estate lawyer instead of relying only on a notary?
Using a real estate lawyer cannot fully replace the notary requirement in South Korean property transactions, as notarization is legally mandated for property transfers.
Real estate lawyers provide valuable contract review, legal consultation, and transaction oversight services that can help avoid costly mistakes, but they cannot perform the official notarial acts required by Korean law. The notary's role in authenticating documents and ensuring legal compliance is irreplaceable.
However, hiring a lawyer in addition to using notary services can potentially reduce other costs by ensuring proper contract terms, identifying potential issues early, and streamlining the transaction process. Legal fees typically range from ₩500,000-₩2,000,000 depending on the complexity of the transaction.
For foreign buyers, a lawyer familiar with international property law can help navigate visa requirements, foreign ownership restrictions, and tax implications that might otherwise require multiple consultations with different professionals.
While adding legal counsel increases upfront costs, it can prevent expensive mistakes and ensure you're getting the best possible terms on your property purchase.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Understanding realtor and notary fees in South Korea is crucial for budgeting your property purchase accurately.
With government-regulated caps and standardized structures, these costs are predictable and manageable when properly planned for in your transaction budget.