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| In Korea, 40% of all property is leased by it's tenants (60% in Seoul). About 70% of lessees in Korea choose to pay their rent by 'cheonse', which is a popular system of payment for housing contracts. Tenants paying by cheonse pay a large lump sum to the landlord, and so do not pay monthly rent. |
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| HOW TO GET INFORMATION ABOUT RENTING |
- You can browse magazines to check the cheonse rates for apartments,
and then contact real estate agents about your findings.
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| CONTENTS OF THE CONTRACT |
| Rent |
- The cheonse fee, which is equivalent to 50%-80% of the property's
value, will be paid to the owner in a lump sum. Rent is not
necessary. The cheonse will be returned when the contract
expires.
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| Mediation Fee |
- Both the lessor and the lessee pay the same rate of mediation
fee to the realty agent.
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| Guarantor |
- Not necessary
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| WHAT'S INCLUDED IN THE CONTRACT |
| Lease Term |
- 2 years
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| Others |
- People other than the tenant whose name is on the lease may reside in the apartment. However, the lessee may not sublease the house. If for some reason the lessee finds it necessary to sublease the property, they must get the permission of the lessor.
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| MOVING OUT |
- The lessee must give notice 1 month in advance.
- If the lessor is unable to find a replacement tenant, the cheonse will not be returned.
- The lessee, the lessor, and the realty agent must meet to work out the payment.
- Repairs and maintenance fees are the responsibility of the lessor.
- It is the lessee's responsibility to clean the house before vacating it.
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| RULES |
- Korean people are not as particular about noise as the Japanese.
Even screaming in the middle of the night is not likely to earn you a complaint from your neighbors.
- The rules for trash disposal are far more strict in Korea
than in Japan.
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| PETS |
- The lessee is usually allowed to keep pets if they are living in a detached house,
but they will still need permission from the lessor. If, on the other hand, they are living in an apartment building, the lessor will need to ask permission from the real estate agent, since
many don't allow pets.
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