Housing

Lease Contract

Checklist before the lease
  • Find the residence of your choice.
    • Consider the time for work/school commute
    • For first-time residents in Korea, apartment complex or villas in foreign resident areas are recommended.
  • Gangnam Life>Housing>Real Estate Information>Lease Contract
  • Check whether or not the pets are allowed.
  • Make sure the supply of food and goods is readily available.
  • Check the parking space and the number of vehicles allowed per family.
  • For families with children, check the school bus and safety issue as well as traffic sitatuation.
  • Check the electric voltage for appliances. – 110V & 220V / TV: NTSC 60hz
  • Check if the installation of satellite antennas is possible. (French, Russian and Italian broadcasting)
  • It is important to find a real estate agent who is well versed in your language to get more detailed help for residents of foreign nationalities.
Checklists Before signing the contract
Required documents: Preparations before signing a contract
  • - Tenant : Alien Registration Card(necessary for individual transaction)
  • - Realtor : a copy of Korean Resident Registration Card and personal seal(stamp)
  • - Landlord : Original Property Registration (land/property), land registry, the plan for the land use, lease agreement,the list of assets, a copy of registration
  • Signing the Contract
    • Check if the Resident (Company) Registration Number matches the number listed in the contract.
    • When making payments for the remaining sum, check the details of the lease agreement once again.
    • When wanting an extension on the lease: Contact the landlord and the realtor one to two months prior to the termination of the contract.
    • Maintenance of houses/apartments
      • The landlord will be responsible for the major repairs such as heat, air conditioning, water, gas, electricity and piping.
      • The tenant has to take care of minor repairs.
    • Monthly maintenance fee and security expenses (CAPS/S1 or other security service providers)
    • Resolution of disputes – If a resolution can be reached between the tenant and the landlord, unnecessary cost and time incurred due to legal disputes will ot be necessary

Checklists after the contracts/before moving

  • Check the inside of the house.
  • Make sure to pay utility bills timely and keep the contract in your possession.
  • Double check the phone, internet, TV, security and fire alarm system.
Miscellaneous
  • - Before signing the lease contract, confirm there is no outstanding amount with the landlord.
    It is specified in the law that the realtor explains the property ownership, location and contract procedures to the tenant in detail. When signing the lease contract, carefully go over the details with your landlord.
  • - When signing the contract, you should report the change of address to the nearest immigration office along with your passport
    It is advised that you go to the nearest registry office and register the exact the date of contract.
  • - When the lease contract was signed in the name of a corporation or an organization, or as a collateral or a lease, the tenant is entitled to his or her rights in case of disputes over rights with the landlord through National Tax Office or Registry office
    However, the tenant is also liable for the expenses related to collaterals of the rights of lease.
the person in charge
Real Estate Division jinhee Ahn / Tel.02-3423-6305
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