As the number of long-term visa holders is gradually increasing, many people are renting a house

to reside in Korea. However, before renting a house, there are things that people should know

before signing the house contract/rental agreement.

 

What are the types of house contract in Korea?

 

1. Jeonsei (전세)

It refers to "paid in full" that the tenant pays a sum of money to the landlord. The deposit from this contract must be returned

at the end of the lease period.

 

2. Wolsei (월세)

It is "monthly base rent" that requires the tenant to pay monthly fee to the landlord.

 

If you are about to enter a house contract, there are few things you must check.

 

1. A house contract signed by the landlord shall include;

- the housing location,

- the total contract amount,

- the amounts and deadlines for advance payment,

- middle payment and balance payment,

- the contract period,

- the signatures and seal stamps of the landlord and the tenant.

 

2. When drawing up a contract, check who is the landlord and sign the contract after checking the documents of the landlord or his/her proxy.

You can see who is the landlord on a certified copy of the register.

 

3. If you want, ask English version of the contract or at least understand the whole terms and conditions before signing.

 

4. Report the change of your residence to the Civil Service Office of your district or the relevant immigration office within 14 days of your move to a new place.

 

5. Visit the relevant register office or community service center and get a 'confirmation date' from them on your contract.

 

6. If you have to move out of the place before the contract is expired, the landlord can return the deposit to you after deducting monthly rents for the remaining period from your deposit.

 

If you wish to move out/terminate the contract, you must inform your landlord at least one month before so that, 

the landlord can return your deposit.

 

In case of any issues on getting deposit from the landlord, you must seek for a legal advice or consult with an expert.