Korean Job Discussion Forums

[some waygug-in]

I was asked to post this question by a friend of mine. He did do a search but couldn't find an answer.....so I hope someone out there will know..

Thanks in advance.


Here goes:


Apartment Deposit "Protection"

Is there a way to protect your key money legally? Is it possible to put a lien on the property title registry or something? If so how.

At my first hogwon, the hogwon director never got his key money back because the apartment owner declared bankruptcy.
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I searched that question out but never found the answer.

[ernie]

i've been wondering about this, too... seems like a pretty sketchy proposition to me...

[T-dot]

You need to do a financial check of the landlord for any outstanding loans etc.. before you hand your deposit over. The real estate agent should be able to print one out for you. Simple check. If the landlord is severely in debt, go find another place.

In case of bankruptcy; there will be a pecking order as to who gets their money first. I believe anyone under 5 mill deposit gets top priority.

[MarionG]

There IS a way to "insure" your key money...a Korean friend started to tell me about it, but then got distracted...I don't know any more than that.

[xCustomx]