No permission is required for certain items, such as inheritance or gifts without payment of consideration, land smaller than the area subject to permission, acquisition by agreement, expropriation or use under the Act on Acquisition of and Compensation for Land, etc. for Public Works Projects, and dispositions on default of national and local taxes and compulsory execution. Where a contract is concluded without permission for an area requiring permission, imprisonment of up to two years or a fine is imposed. A charge for compelling compliance is also imposed where land acquired with permission is not used for the permitted purpose.

Many people are interested in real-estate auctions because they allow real estate to be bought below market price, but it is also a field that requires thorough preparation because of uncertainty caused by information asymmetry. To learn about the property in question, one must check the certified copy of the register and the like, and the related terms are as follows.

1) Mortgage (Civil Act Article 356): the right to receive payment in priority over other creditors from real estate that the debtor or a third party has provided as security for an obligation without transferring possession. Since it is a real right, a right in a thing, it is established only with a mortgage agreement and registration. Its objects include real estate, superficies and jeonse rights, mining rights, automobiles and the like.

2) Revolving mortgage (geun-mortgage): whereas a mortgage is a security right for a currently fixed amount, a revolving mortgage is a security right for an unfixed amount that can change. With a mortgage, the claim is extinguished upon repayment, but a revolving mortgage is not extinguished before the settlement date even if repayment is made.

To become subject to auction, seizure or the like must be carried out.

3) Seizure: a means of preservation for carrying out compulsory execution based on a final judgment or the like. It means preventing the debtor from exercising rights at will, such as selling the property, before the property is put up for auction.

4) Provisional seizure: a temporary measure taken on the debtor's assets after filing suit and before carrying out compulsory execution. Since compulsory execution takes time, it is meant to prevent the sale or concealment of property in the meantime.

Auctions include voluntary auctions and compulsory auctions, defined as follows.

5) Voluntary auction: a procedure in which a party holding a security right such as a mortgage, jeonse right or lien voluntarily takes the collateral, converts it into money, and receives repayment of the secured claim from the proceeds.

6) Compulsory auction: a procedure for seizing real estate owned by the debtor, converting it into money, and satisfying a monetary claim with the sale proceeds.

The lease system has continued to change since the material was written. The July 2020 amendment to the Housing Lease Protection Act introduced the tenant's right to demand contract renewal (once, for two years) and a 5% cap on increases in rent and deposits, and in June 2023 the Special Act on Support for Victims of Jeonse Fraud and Housing Stability took effect, creating support systems such as victim determination, postponement of auctions and a preferential purchase right. The threshold amounts for top-priority repayment to small-sum tenants also change by Enforcement Decree, so for assignments or actual contracts be sure to check the latest provisions at the National Law Information Center.