Types of Payment
Jeonse (Key money deposit)
Wolse Type 2 (Monthly payment + no deposit)
Signing Lease Agreements
The following is a list of steps one should take before signing a lease agreement:
- 1 Check the building’s registry at the Court of Justice Registry Office and ensure that the house does not have any unpaid loans. Have the realtor print it on the spot.
- 2 Discuss details of the contract before signing, and make sure the tenant, landlord and realtor’s contracts all contain identical details. Details that must be double-checked are deposit and rent amounts and method of payment, realtor commission, move-in date and lease termination date. Remember that the renter is liable for the contents of the contract.
- 3 Prepare all sums due to be paid on the day the lease is signed, such as 10% of the total deposit at the lease signing.
The following is a list of steps one should take after signing a lease agreement:
- 4Prior to making any payments on move-in day, check the building’s registry again for any changes.
- 5Prepare all sums due to be paid on move-in day, such as the remaining deposit sum as well as realtor commission fee.
- 6Obtain a copy of the registration date certificate, or hwakjeongilja. To do this, take your alien registration or residence card and your contract to the local district office. Registering your move validates the contract between renter and landlord, providing legal protection of a renter’s contract and ensuring the renter’s right to collect back the deposit.
- 7Report your new address to the Immigration Office within 14 days.