Contents

Andong International Mask Dance Festival

Housing Environment

Housing Rental

  • Wolse : A lump-sum deposit (a relatively small amount compared to Jeonse) and monthly payment are made.
  • Jeonse : A lump-sum deposit is made, and a tenant will get back the full deposit after the contract (usually, a contract is for more than 2 years).

Precautions when entering into housing rental contracts

  • The purchase or rental of houses through housing agencies is preferable to direct contracts between leaseholders and tenants as the former is safer. When a housing rental or purchase contract is concluded, a certain amount of commission fee is paid to the housing agency.
  • Before signing contracts, the contracts themselves (contract deposits, contract period, rent payment method, etc.) and the transcript of the land register (collateral security, provisional seizure, etc.) of the rented house should be carefully verified.
  • When making a moving-in notification to the dong office after moving into a rented house, getting the "confirmation date" on the lease contract protects the tenant's rights.

Moving

  • In South Korea, there are a lot of moving centers that provide all moving-related services, including the packaging and moving of belongings.
  • To avail of the services of these moving centers, some of the centers must be contacted, and an estimate of the costs must be obtained. Upon request, an employee of the center visits the prospective mover's home to facilitate the preparation and signing of the moving contract. When preparing contracts, movers should verify the contents of the contract regarding issues that can be raised during moving.

* Visit http://www.investkorea.org for more information on real estate and agencies.