Can a non-Korean have land ownershipin South Korea?
Today, attorney Ella talks about purchasing a real estate (부동산) in South Korea.
There are the things you should be careful about when entering into a real estate agreement (부동산 계약).
1. Whether the land you are interested in buying requires the government permission for sales.
If you enter into an agreement for the sales of certain land without the permission,
your agreement will be subjected to be invalid and furthermore,
you might even be criminally charged with unlawful land acquisition.
2. Most offices in Korea do not provide an agreement or contract in English,
foreigners just go ahead and sign the agreement without the full understanding
of what is written on the agreement.
If you are planning to have private land ownership,
you need to be aware that it is important to have legal experts and have them review
and help your paper-works to prevent any disputes in the future.
For more information, watch our full video by clicking the link below.
