| Rsesidential areas are spread all over Seoul, excluding the business districts in the northern part of the city. |
| Especially in the suburbs of Seoul, there are huge residential complexes that have been developed over the |
last decade. The following are different types of payment methods for purchasing or renting a house in Seoul.
|
| Purchase |
| For a foreigner wishing to purchase a house, it is advisable to seek the assistance of a real estate agent. |
| The price of land generally depends on the location and the age of the building. A real estate agent will |
provide additional services like registration.
|
| Rental type 1 - "Jeonse" (Key money deposit) |
| A half or more of the value of the house is deposited to the owner for the term of the lease. There are no |
| monthly payments. This deposit is returned upon termination of the lease. This is called the "Jeon-se" system, |
practiced mainly by the local Koreans, but is increasingly becoming popular with foreigners as well.
|
| Rental type 2 - "Wolse 1" (Key money deposit + monthly payment) |
| Ten to twenty times amounts of the monthly rent are deposited for the term of the lease. Monthly rent is also |
paid to the owner. The deposit is returned to the tenant upon termination of the lease.
|
| Rental type 3 - "Wolse 2" (Advance payment of total monthly rent) |
| This requires advance payment of the monthly rent at a set date every month for the entire lease term. No |
deposit is required. In Itaewon, Hannam-dong and Seongbuk-dong, this system is popular with foreigners.
|
| Making a contract |
| A registered real estate agency can provide assistance. A real estate agent provides additional services |
like registration and a written contract in English, if wanted.
|
| Ten percent of the deposit or one month rent (contract money) must be paid to the owner when you sign |
the contract. The rest should be paid when you move in.
|
You should show your alien registration certificate at the relevant district office.
|
| You should report any alteration of address to the relevant district office with your alien registration certificate |
| and passport. It is recommended to acquire the registration date certificate for guarantee of the legal validity |
of the realty contract at the time of the report.
|
Each contracting party pays a commission fee to the real estate agent.
|
| You can get information on real estate agents through the Yellow Pages, internet or English newspapers |
| such as The Korea Herald and The Korea Times. |
