Korean Job Discussion Forums

[Mashimaro]

What do peoplee usually do in Korea when they want to extend their lease for another year? Because key money is involved, of course I'd like something in writing to confirm the new arrangement, rather than just letting it roll on once the original contract expires.

It is a new building and I found the place through the real estate office temporarily in the building whilst it was still under construction, not sure if I could get in touch with them now.. I could perhaps just deal directly with my landlord ajumma who I haven't been in contact with since I signed the lease.

Any thoughts?

[Mashimaro]

Nobody ever renewed a lease?

[schwa]

I renewed a 2-year lease for an additional year once. I dealt directly with the owners. They had the option of raising the wolsae, but didnt. The new lease form was identical to the original one except for the new dates. 2 or 3 months notice of intention to renew is customary.

[Yesterday]

I signed a lease (one year) - and payed the key deposit...

- I did it directly with the owner (brand new office-tel building)...

after one year - I was told - that if I wanted to stay on - there was NO NEED to resign anything for the next 12 months...

which I was happy with - as it means after you have complete 1 year contract - you can stay on for the next 12 months - but if you wish to vacate the premises during the second year - you can at any time - with just a few weeks notice....

THEN... after I had lived in the building for two (2) years - I was told it was law that I had to resign the contract - if I wished to stay...

the owner also wanted to raise the key-deposit (which is legal and common - especially as the prices/value of real estate in my area had increased)....

I negotiated with the owner of the apartment that I did not want to pay additional key-money - so we arranged that I would just pay an extra 100,000 won per month as rent....

Now I have just completed my third year in the building... and once again - I get to stay another 12 months... WITHOUT having to resign the contract (during my fourth-12 mnths)...

understand???

Of course after my fourth year - I will have to resign - and maybe pay more key deposit....

[Mashimaro]

[rubric]

The 'extra year after the original lease expires' deal seems to be common according to others (including Korean friends). As long as you hang on to all of your lease papers and key-money reciept it should be fine.