Info


Housing type and leasing

 

Wolse (Monthly Payment + Deposit)

Wolse requires the renter to deposit a fixed sum with a landlord after which monthly rent is to be paid on a specified date each month.

  • The amount of the security deposit for wolse is lower than that for jeonse. The amounts of the security deposit and monthly rent are negotiable.
  • The deposit sum can be increased in order to lower the monthly rental charge.
  • The lessee should pay monthly utility charges (electricity, water, gas, phone, Internet, and TV reception).

Jeonse (Key Money Deposit)

Jeonse, or the key money deposit, is a housing rental system specific to Korea.

  • Instead of paying monthly rent to a landlord, a large lump sum payment is deposited into the landlord’s bank account for the duration of the contract.
  • By law, Jeonse contracts are signed for two years. At the end of the contract, the deposited amount is returned to the renter.
  • Some landlords prefer this method because they can collect interest from the amount deposited in the bank. Another reason why some landlords may prefer the Jeonse method is simply because they have purchased the property with Jeonse contracts themselves.
  • Some may not like the key money deposit method since depositing a large sum of money comes with risks, not to mention the difficulty of trying to come up with a large sum of money all at once. However, this method is the most advantageous for tenants since the full deposited sum is returned at the end of the contract. When looking to rent on a key money deposit method, the first step you must take is to check that there are no unpaid loans. It is imperative that you check the building’s register before you sign.

 

Types of residences available in Korea are serviced residence, apartment, one-room studio, multi-family residence, hanok (Korean traditional house), etc.

Serviced Residences

Serviced residences are furnished apartment buildings for both short- and long-term visitors to Seoul.

 

service resident

 

 

  • They have all the necessities of a modern apartment
  • These units are usually two to three times bigger than your average hotel room and usually include a kitchen.
  • Hotel-like services are provided, which include a front desk, a business center and a community area. Visitors may prefer a serviced residence as opposed to a hotel because of their affordability.

Apartments

Apartments are the most popular housing option among Koreans. They are preferred by most locals mostly due to their convenience.

 

apartment

 

  • Nearly all apartment complexes have facilities nearby such as supermarkets, district offices, post offices, and schools, as well al easy access to public transport.
  • Basic utilities like water, gas and heating are well established.
  • The units are somewhat smaller than what one might be accustomed to abroad.
  • Since the units are tightly packed into each complex, there can be a lack of privacy.
  • Looking for a parking space after work can also be a challenge, as most complexes do not allocate parking spaces to each unit.

Officetels / One-room studios

Officetel (office + hotel) refers to a residence-like office space. Some Koreans use them as residences. 

 

offficetel studio

 

 

  • Most of them are located in easily accessible places.
  • They are equipped with furniture and convenience facilities. The tenant’s privacy is protected.
  • A one-room studio is a smaller version of an officetel.
  • One-room studios offer lower monthly rents than officetels. There are many one-room studios near a university.

Detached Houses

Detached house is built for one family on detached housing site.

detached

  • In detached houses, the privacy of a family is well protected.You can set up a residential plan the way you like.
  • You can have your own garden.

Multiplex Houses

They are  smaller versions of apartments.

multiplex

 

  • A multiplex house is in a building no higher than four-stories.
  • number of families can reside in separate residental space in a building, and each household can own and sell the suit separately.

Hanok

A hanok is traditional Korean house.

hanok

 

  • Ondol, a system of  heated floors, keeps the house warm during the cold winter months, while the wide front porch keeps it cool during the scorching, hot summer months.
  • The hanok is a type of residence unique  to Korea that was developed to meet the needs associated with the frigid cold of winter and the scorching heat of summer.
  • It is interesting to note that many remodeled traditional homes are appearing in the city.
  • These remodeled homes have various modern amenities to go along with the beauty of their traditional design.

 

 

 

Various laws, such as The Foreigner’s Land Acquisition Act, The Foreign Exchange Transactions Act, and The Foreign Investment Promotion Act, apply to foreign nationals’ acquisition of real estate in Korea. Regulations relating to land acquisition, use, and development apply equally to locals and foreign nationals.

In the event of foreign nationals’ land acquisition, different laws and procedures apply, depending on the purpose of the acquisition, whether residing in Korea, and whether an individual or a corporation.

Resident foreign nationals

Report on real estate acquisition

  • Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
  • The report should be submitted to: Cadastral Department, Si/Gun/Gu having jurisdiction over the area where the relevant real estate is located.
  • Documents to be submitted: The real estate contract; a copy of the real estate register (in the name of the seller)
  • Period required for handling: Immediately

Registration of title transfer

  • Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
  • The report should be submitted to: The registration office having jurisdiction over the area where the relevant real estate is located
  • Documents to be submitted: 
    1. The foreign national registration certificate (for an individual) or the corporation registration certificate (for a corporation)
    (* As regards a resident foreign national, the registration number and the address for real estate registration refer to the foreign national registration number and the address stated in the foreign national registration certificate or the corporation registration certificate.)
    2. Registration application, registration-related evidential document (contract etc), registration certificate, a copy of the land register
    3. The power of attorney containing the seal impression of the entrustor (if applicable)
  • Time taken for handling: Immediately

Non-residing foreigners

  • A non-resident foreign national should prepare the following documents prior to entry to Korea.
  • For an individual : a copy of the certificate of citizenship, a copy of the certificate of residence  or the address certificate issued by the government of the home country
  • For a corporation : a copy of the corporation certificate (with the address stated) or the address certificate issued by the government of the home country

 

 
Report on real estate acquisition
  • Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
  • The report should be submitted to: Cadastral Department, Si/Gun/Gu having jurisdiction over the area where the relevant real estate is located
  • Documents to be submitted: The real estate contract; a copy of the real estate register (in the name of the seller)
  • Time taken for handling: Immediately
Issuance of registration number for real estate registration
  • Documents to be submitted:
    For an individual: passport or a copy of certification of citizenship, land acquisition report certificate
    For a corporation: Please contact the Department of Cadastral Affairs (02-3703-5060), the Ministry of Government Administration and Home Affairs
    * The power of attorney issued by a public  notary office in the home country (for an foreign national) or by a Consular Office in the relevant country (for a Korean residing in a foreign country) (if applicable).
  • Office for application:
    For an individual – The Seoul Immigration Control Office (in Mok-dong/02-650-6237)
    For a corporation – Cadastral Department, Si/Gun/Gu having jurisdiction over the area where the relevant real estate is located
  • Time taken for handling: Immediately
Registration of title transfer
  • Deadline for submittal of the report: Within 60 days of the signing of the contract (payment of the balance amount)
  • The report should be submitted to: The registration office having jurisdiction over the area where the relevant real estate is located
  • Documents to be submitted: 
    1. The foreign national registration certificate (for an individual) or the corporation registration certificate (for a corporation)
    (* As regards a resident foreign national, the registration number and the address for real estate registration refer to the foreign national registration number and the address stated in the foreign national registration certificate or the corporation registration certificate.)
    2. Registration application, registration-related evidential document (contract etc), registration certificate, a copy of the land register
    3. The power of attorney containing the seal impression of the entrustor (if applicable)
  • Time taken for handling: Immediately

 

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