Gyeonggi Province announced on September 15 that it has launched the "Gyeonggi Ansim Real Estate Portal" (grts.gg.go.kr/portal), a service where users can input a property address to have artificial intelligence (AI) analyze risk factors across the entire process of a jeonse (lump-sum deposit lease) contract.

The Gyeonggi Ansim Real Estate service provides breakdowns on whether the property ownership matches the contracting party, if there are any ownership-restricting issues such as seizures, the amount of prior mortgage rights, and whether the property is an unauthorized or illegal building.

It also analyzes the ratio of the tenant's deposit to the market value along with prior claims to indicate the capacity for returning the deposit.

Users can check the expected auction price assuming the home goes to foreclosure, as well as the expected distribution order for prior claims and tenant deposits.

Even if tenants are unable to use the service in advance, a companion service is provided to help licensed real estate agents use an AI analysis report to review risk factors and response methods directly at the contract site.

The service will undergo a pilot operation for all types of residential lease transactions until December, after which convenience and analytical functions will be upgraded and field feedback incorporated for an official launch starting next year.

On the same day, Gyeonggi Province also signed a business agreement for the operation and activation of the Gyeonggi Real Estate Transaction Safety Net with the Korea Association of Realtors, the Korea Appraisal Board, KB Kookmin Bank, Korea Evaluation Data, and the National Information Society Agency.

(Photo provided by Gyeonggi Province, Yonhap News)