The documents required to set up a rental vary depending on the type of contract you sign. For example, if you can afford a Jeonse contract, you don`t have to justify your job. However, if you sign a Wolse lease type, your landlord will most likely apply for your employment contract. In general, you need your passport, visa and alien registration card. The operation of your deposit depends on your type of rental. In a Wolsae, where you pay a down payment and rent each month, you will usually receive your deposit when your lease expires. This deposit is usually a rent of two months. Wolse is a Western type of lease that most expats sign when they find a place in Korea. This is a deposit (called „key money“) and the payment of rent every month.
The rent is usually set, but you can negotiate by asking to increase the money from the key and reduce the rent. As the key money is held on an account with interest rates, this type of negotiation is beneficial for both the landlord and the tenant. At the end of your stay, if no damage is caused to the apartment, you will be refunded. It is advisable to sort all documents with your real estate agent. They will ensure that there is nothing missing in the documents and that they serve as payment cookies. This way you can be more sure to get your key money back after the lease ends. Find a real estate agent in Korea who meets your needs using InterNations GO! Contact us. People who have not earned a few hundred million can take out a bank loan for a type of contract and pay monthly payments to the bank.
These types of payments are generally less than the average rent, so the tenant and landlord benefit from this type of agreement. A Jeonse contract is very popular with Koreans, but it is rarely seen by expats because they cannot take out bank loans of this size for leasing purposes. Due to the popularity of the Jeonsae agreements, there are laws that protect the tenant and ensure that their money is returned to them at the end of their lease. In addition, tenants who sign leases for less than five years must be guaranteed the option to extend their lease for up to five years. For the rest, laws and fees are fairly standard, such as the announcement when you move, the restrictions on renovations (both for the tenant and the landlord) and the clarification of the conditions under which you can be distributed. Communication: Partly because of the obligation to repay the tenant`s deposit, the law requires landowners to sufficiently report that they must find new tenants. The same applies when the lease expires. Tenants are required to cancel no less than 30 days before the rental date if they intend to move, otherwise the lease will automatically be renewed for 3 months and the tenant will have to pay the rent of those 3 months.