Korean Job Discussion Forums

[swashbuckler]

Hello,

In Korea, when signing a one-year housing contract, is it normal to pay one's key money AND the first months rent at the same time?

For example, say you found a house for 10 million key money + 500,000 monthly rent. When you first signed the contract and moved into that house, would you be responsible for paying upfront a total of 10,500,000 won OR would you just pay 10,000,000 won and then the rent AFTER you had lived there for month?

Thanks

[highstreet]

rent is paid the day you decide to move in

[swashbuckler]

so it's BOTH monthly rent AND key money? My employer seems to think that, in the Korean system, you are only responsible for key money until you have actually lived there for a month.

I didn't think they would have any reason to B.S. me (my job will not provide me with my monthly housing subsidy until I get my first paycheck), but I don't know for sure.

Thanks for your help.

[swashbuckler]

COME ON, I know lots of people on here rent their own apartments and must of had some kind experience with this. Can't you spare 30 seconds to help a brotha' out??

[Lazio]

Whatever the contract says.

Generally, one is required to pay the key money when the contract is signed. Same day or shortly after. First month's rent should be payed 1 month after you actually moved in.

Quote:

My employer seems to think that, in the Korean system, you are only responsible for key money until you have actually lived there for a month.

Is your employer Korean? If so than he/she is a moron.
Basically landlords don't keep large amount of cash under their pillow at all times. If someone moves out from their apartment they have to give back the key money to them. What landlords usually do is to collect the key money from the future tenant and give it to the one who is moving out.

[dongjak]

My real estate agency and landlord allowed me to choose whether I wanted to pay right away or wait a month. I was also short key money so they allowed me to pay in installments. It is all what you are able to negotiate.

[BoholDiver]

Some places are 선불 (advanced pay) and others are 후불. (pay after the fact) There is no 100% consistent way.