Before signing, check the real estate register to confirm that the owner is the person signing the lease and to look for any keun-mortgage.
After moving in, file a report on change in place of stay and obtain a fixed date on your lease to secure a preferential repayment right.
Leases with a deposit over KRW 60 million or monthly rent over KRW 300,000 must be reported within 30 days of signing, regardless of nationality, except in county areas outside Gyeonggi Province.
Foreign residents can be protected under the Housing Lease Protection Act* if they meet its requirements. The key is to check the property's legal status before signing, then file a report on change in place of stay and obtain a fixed date promptly after moving in. If your deposit is not returned, check the procedure with a legal professional or the court with jurisdiction before moving out.
*Housing Lease Protection Act: A Korean law that sets special rules for residential leases to help ensure stable housing.
🤓What should I check before signing the lease?
Start by checking the landlord and the property's legal status. When signing the lease, the landlord must show you information on prior leases of the home and tax payment certificates. Alternatively, the landlord may consent to you viewing this information directly.
Confirm that the owner named on the real estate register is the person signing the lease.
Check for any keun-mortgage*, attachment, provisional attachment or other restrictions on the property.
Ask to see the information on prior leases and the tax payment certificates.
If you are dealing with an agent of the owner, check the power of attorney and related documents from the owner.
Send your deposit to an account in the owner's name and keep the transfer record.
Compare your permitted period of stay with the end date of the lease.
Even if you have a translation, check the amounts, lease term and special terms in the Korean contract.
📚What should I do after signing?
Complete the reports and obtain a fixed date after moving in, so that you meet the requirements for protecting your deposit.
Take delivery of the home. Opposing power* requires both delivery of the home and resident registration.
Report your change in place of stay. For foreign nationals, alien registration and a report on change in place of stay take the place of resident registration and a moving-in report. Registered foreign nationals must report within 15 days of moving in. You can file at the city, county or district office, the eup, myeon or dong community center, or the local immigration office with jurisdiction over your new address. You can also file online yourself through HiKorea (www.hikorea.go.kr). For help, call the Immigration Contact Center at 1345.
Check when opposing power begins. Once the requirements are met, the lease takes effect against third parties from the following day.
Obtain a fixed date. Once you meet the requirements for opposing power and have a fixed date on your lease, you have a preferential repayment right over junior right holders in an auction or public sale.
Report the lease. Leases with a deposit over KRW 60 million or monthly rent over KRW 300,000 must be reported within 30 days of signing, except in county areas outside Gyeonggi Province. Administrative fines for late reporting range from KRW 20,000 to KRW 300,000.
*Opposing power (daehangnyeok): A tenant's legal power to assert the lease against third parties, such as a new owner of the home.
Foreign nationals of Korean descent who have filed a report on place of residence use a report on change of place of residence, filed within 14 days, in place of a report on change in place of stay.
What if my deposit is not returned?
If your lease has ended and your deposit has not been returned, you can apply for a leasehold registration order at the court with jurisdiction over the home. Procedures and effects vary by situation, so check with a legal professional or the same court before moving out.
Foreign residents can obtain deposit protection by filing a report on change in place of stay and obtaining a fixed date. Before signing, check the owner, keun-mortgages, prior leases and unpaid taxes. If your deposit is not returned, check the procedure with a professional or the court with jurisdiction before moving out.
*Sources
-Housing Lease Protection Act, articles 3, 3-2, 3-3 and 3-7
-Immigration Act, articles 36 and 88-2
-Act on Report on Real Estate Transactions, etc., Article 6-2, and its Enforcement Decree, Article 4-3