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 Wolse Contracts
| Individual contracts: |
ID (passport, etc.), seal, and 10% of the security deposit |
| Corporate contracts: |
official company seal, representative’s seal and 10% of the security deposit |
| ※The remainder of the deposit, and the broker’s commission needs to be paid before moving in. |
Most Japanese customers can set up a Japanese-style rental agreement, when the lessor arranges to pay the security deposit and the renter pays it back every month.
Jeonse Contracts
| Individual contracts: |
ID (passport, etc.), seal and 10% of the jeonse price |
| Corporate contracts: |
official company seal, representative’s seal and 10% of the jeonse cost |
| ※The remainder of the jeonse cost, and the broker’s commission needs to be paid before moving in. |
Unique to Korean leases, instead of paying rent every month, you pay a fixed deposit to the landlord to contract living in the residence for a fixed period of time. A typical deposit is about 50% of the value of the property. After completing your contract, leave everything to HOMES Navi to avoid trouble and ensure the total amount of your deposit is returned to you.
Rent Contracts
| Individual contracts: |
ID (passport, etc.), seal and 10% of entire rental agreement |
| Corporate contracts: |
official company seal, representative’s seal and 10% of entire rental agreement |
| ※The remainder of the rental agreement, and the broker’s commission needs to be paid before moving in. |
This contract allows rent to be paid in one lump sum without a security deposit. Without the risk that a security deposit won’t be returned, many foreign residents living in the Inchon and Itaewon areas use this contract method. Rent contracts usually include a lot of furniture and personal electronics as well. |
There are ways to legally protect your deposit such as fixed dates and establishing jeonse rights. It is possible that you may feel uneasy about how different these circumstances are from Japan, so please have peace of mind that Homes Navi will take care of everything while acting as your agent.
How to establish a fixed date
A fixed date, as established by article 2, clause 3 of the residential lease law, is a date specified in the rental agreement that has been validated and assigned an official serial number by a public organization (a court, town hall, notary public, etc.). If the owner becomes bankrupt and is unable to return the renter’s deposit, the property will be sent to auction, and the renter’s deposit will be returned through the proceeds from the sale price.
| Establishment terms: |
It is necessary to be a registered resident *it is not possible on a tourist visa |
| Procedure: |
Renters can receive a seal on their rental agreement from a registry office or town hall. |
| Cost: |
Unrelated to the deposit, there is a fee of 600 won. |
| Validity: |
The total deposit will be refunded from the value of the building, so it is not possible for a third party to receive it. |
| Necessary documents: |
Please know that your alien registration card and related documents are required. |
How to establish jeonse rights
Establishing jeonse rights, described in the registration as a bond for the property, will make it possible to call for an auction immediately, in order to demand the repayment of the deposit, in the case that the owner becomes bankrupt and is unable to return the deposit.
| Establishment terms: |
It is necessary to be a registered resident (it is not possible on a tourist visa) |
| Procedure: |
A letter of consent from the owner needs to be brought to the registry office to officially register the jeonse |
| Cost: |
Jeonse contract payments vary (registration tax, judicial clerk fee, etc.) |
| Validity: |
The total deposit will be refunded from the value of the building, so it is not possible for a third party to receive it |
| Necessary documents: |
For individuals: passports and certificate of residence for all family members and the renter (as detailed under your family registration)
For corporations: corporate registration, company seal and representative’s seal (Japanese versions are acceptable) |
*There are sometimes cases differing from the above information, so please feel free to contact us. |
The best service and prices in the industry
As part of our broker’s commission (equivalent to one month’s rent) we will offer customer guidance and information about properties and of course Japanese language support, including the translation of the rental agreement and any lease-related documents.
*The price to establish a fixed date and jeonse rights will be the actual cost.
▼Please click here to see all kinds of services we can provide.
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