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Reminders During Lease/Rental contract

Guide to monthly income tax deduction

  • You can avail income tax if you submit a copy of a resident registration, tenancy agreement or any documents from the landlord that prove the payment of the monthly rent.

If you got the notice of auction after moving in

  • Within the period of dividend demand, the tenant should submit a copy of tenancy agreement(agreement that shows the fixed date), resident registration, including bond bill of the deposit balance, a declaration of rights to auction court and request for distribution application form.

「Law for protection of tenant」 Small Tenant Top Priority Reimbursement Amount

「Law for protection of tenant」 Small Tenant Top Priority Reimbursement Amount
Trial Date Trial Region First Reimbursement target(security deposit) Top Priority Reimbursement Amount(max)
August 8,
2008
among metropolitan area overpopulated constraint district(including Incheon) Less than 60 million won 20 million won
July 26,
2010
Seoul Metropolitan City Less than 75 million won 25 million won
January 1, 2014 Seoul Metropolitan City Less than 95 million won 32 million won
March 31, 2016 Seoul Metropolitan City Less than 100 million won 34 million won
  • Criteria : set-up date of the right to collateral security
  • Tenant's duty : a legal contract, transfer report, definite date, contracting party residency(occupy)

Rental Increase Claim

  • Failed to exceed implicit renewal rent · 5% of the deposit increase during contract period, failed to increase within a year after the contract and the increase.

Implicit renewal, etc.

  • If 6 months to 1 month before the lease ends and the landlord does not give a notification of purpose, informing the tenant about changing the terms of the contract as well as confirming the contract renewal, it means the automatic renewal of the contract with the same agreement as the previous one.
  • This is a two-year term of the renewed lease. The tenant can terminate the contract any time as long as the landlord agrees with the termination of contract.

Contact numbers of related institutions

  • Seoul City monthly rent deposit support center(consultation of the monthly rent deposit, conciliation of dispute etc.)
    ☎ 02-2133-1200 ~ 1208
  • Seoul City Shopping Center Tenancy Consultation Center ☎ 02-2133-1211
  • Seoul City Free Legal Consultation ☎ 120 and 02-2133-7880
  • Korean Legal Aid Corporation ☎ 132
  • Guide to apply for income tax deduction, National Tax Service ☎ 126
  • Real estate exaggerated advertisements Fair Trade Commission ☎ 02-2023-401



Useful information for tenants

Confirmation of the contracting party, ranking of rights, brokerage object · manual and verify the certified realtor

  • Identification, certificate of registration etc. or confirmation of legal lease · right of lease
  • A power of attorney is needed during the signing of contract with the representative. After checking the identification card of the representative and talk with the landlord, deposit the remittance to the landlord’s account as soon as possible.
  • Identify the target of mediation . sign after checking whether manual is missing or not
  • Confirming the registration of the real estate office(http://land.seoul.go.kr), only licensed persons qualified for licensed intermediaries(violation of commission for intermediary agents)

Rental Increase Claim

  • During the contract period or during the implicit renewal · without exceeding 5 % of the deposit money, within 1 year after contracting or increasing

Be sure to put the definite date if there will be changes in the amount of security money


Application for leasehold registration order

  • After the termination of the lease and the deposit is not returned, the tenant can get a leasehold registration order in the local court without the consent of the landlord and verify the record at the registry office. Tell them you need to transfer so you can keep the prior payment. This time, the leasehold registration order related fee may be charged to the landlord.

Secure opposing power or preferential payment right

  • Get a resident registration(transfer report)and definite date and maintain the housing occupancy or resident registration throughout lease term
  • Check the current status of the definite date of the certificate of register entries, unpaid national tax in case of multi-family housing. The decision for signing of contract is based on the senior security right holder and amount

Recommendation to use the housing lease standard contract

  • In January 2015, the “Housing Lease Standard Contract” will be disseminated by the Ministry of Justice, Ministry of Land, Infrastructure and Transport, together with Seoul City and academic experts based on relevant laws and regulations
  • ※ You can check the current status of unpaid national tax and definite date at the local tax office, the local Community Service Center or the Registry Office with the landlord’s consent. You can also ask to the landlord directly the tax payment verification or the definite date current status.


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