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highstreet
Joined: 13 Nov 2010
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 Posted: Wed May 25, 2011 9:20 pm Post subject: Moving to a new place, have to pay RE Agent a FEE? |
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asking for a friend
he signed a one year lease back in Oct. 2009 - Oct. 2010. When the year was up the owner asked if he wanted to stay another year, he said yes but didn't sign anything.
Now, he's trying to move to a new place and when he called the Real Estate Agent today, he said you would have to pay a 600,000 WON fee to the RE Agent or the Owner (not sure which since his Korean isn't that great) for cancelling the contract? The Agent said the verbal agreement is the same as signing (which seems like BS to me).
Anyways, if anyone knows that would be great. |
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highstreet
Joined: 13 Nov 2010
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| Posted: Wed May 25, 2011 10:23 pm Post subject: |
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Just talked to the re agent with him, they said the 600K would go to them
Seems strange |
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seoulsucker
Joined: 05 Mar 2006
Location: The Land of the Hesitant Cutoff
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| Posted: Wed May 25, 2011 10:36 pm Post subject: |
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Wait, the OLD RE agent is asking for 600,000 for the previous verbal contract extension? If so, he's full of BS.
The guy who signed me into my place got his fee the first time. When I went to renew, he tried to charge me again, the same price, for basically changing a few dates on his laptop and hitting "print." I told him where to shove it. Then he called back with a lower number, and I knew he was full of it. When I told the landlady she cursed him out and started collecting rent from me directly. These guys work in a very, very cutthroat business and will do whatever it takes to make a buck.
Tell him to contact the owner directly. |
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highstreet
Joined: 13 Nov 2010
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| Posted: Wed May 25, 2011 10:48 pm Post subject: |
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no the RE agent is saying since they had a verbal contract to do another year till 10.2011 and he wants to move out early, that he has to pay a 600,000 fee
the 600,000 is for the paperwork (?) to break the verbal contract early and to pay for the new persons paperwork?
they talked to a korean friend of mine and she said they were correct
edit: and if he does break the contract and pay 600K, he still has to wait for a new person to move in.
IIRC, usually as long as you wait for someone to move in, there were no fee's |
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seoulsucker
Joined: 05 Mar 2006
Location: The Land of the Hesitant Cutoff
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| Posted: Wed May 25, 2011 11:25 pm Post subject: |
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| highstreet wrote: |
no the RE agent is saying since they had a verbal contract to do another year till 10.2011 and he wants to move out early, that he has to pay a 600,000 fee
the 600,000 is for the paperwork (?) to break the verbal contract early and to pay for the new persons paperwork?
they talked to a korean friend of mine and she said they were correct
edit: and if he does break the contract and pay 600K, he still has to wait for a new person to move in.
IIRC, usually as long as you wait for someone to move in, there were no fee's |
I wouldn't expect to get key money back until someone moves in, but paying fees for leaving early AND for someone else to move in when there's no contract, NO WAY.  |
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Lazio
Joined: 15 Dec 2010
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| Posted: Thu May 26, 2011 1:26 am Post subject: |
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I smell BS here.
There is no such thing as "penalty" when you move out before the contract ends. What you (your friend) need to pay is:
- the fee for finding a new tenant. Normally this is payed by the landlord, but if the tenant moves out earlier, they have to pay.
- very often you would only get back your deposit money when the new tenant moves in.
That 600.000 sound a bit steep. It depends on the "renting" value of the place. How much does your friend pay for rent with how much key money? Quiet possibly they are trying to screw him over.
600.000 Krw realtor fee means the renting value of the place is 200.000.000 Krw. That's 10.000.000 key money and 1.900.000 monthly rent or 50.000.000 key money with 1.500.000 monthly rent. |
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highstreet
Joined: 13 Nov 2010
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| Posted: Thu May 26, 2011 1:52 am Post subject: |
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he put down 45,000,000 deposit and pays 550,000 a month. its just a small 16pyung officetel.
I think the fee they are charging is for finding a new tenant and the paperwork. thats about as much as I could understand. |
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Lazio
Joined: 15 Dec 2010
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| Posted: Thu May 26, 2011 2:07 am Post subject: |
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| highstreet wrote: |
he put down 45,000,000 deposit and pays 550,000 a month. its just a small 16pyung officetel.
I think the fee they are charging is for finding a new tenant and the paperwork. thats about as much as I could understand. |
Tell him not to pay it. Bring a Korean friend to the Budongsan, the older the better.
What paperwork? That's bullshit. If the renting value is between 50 and 100 mil. than the realtor's fee is 0.4% or maximum 300.000!!! That's how much your friend needs to pay, not a cent more. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu May 26, 2011 2:15 am Post subject: Re: Moving to a new place, have to pay RE Agent a FEE? |
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| highstreet wrote: |
asking for a friend
he signed a one year lease back in Oct. 2009 - Oct. 2010. When the year was up the owner asked if he wanted to stay another year, he said yes but didn't sign anything.
Now, he's trying to move to a new place and when he called the Real Estate Agent today, he said you would have to pay a 600,000 WON fee to the RE Agent or the Owner (not sure which since his Korean isn't that great) for cancelling the contract? The Agent said the verbal agreement is the same as signing (which seems like BS to me).
Anyways, if anyone knows that would be great. |
There's no such thing as a verbal contract. But I think your friend is leaving out some details. Mabe he/she should be writing this. Why are they dealing directly with the real estate agent anyway? |
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highstreet
Joined: 13 Nov 2010
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| Posted: Thu May 26, 2011 2:19 am Post subject: Re: Moving to a new place, have to pay RE Agent a FEE? |
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| isitts wrote: |
| highstreet wrote: |
asking for a friend
he signed a one year lease back in Oct. 2009 - Oct. 2010. When the year was up the owner asked if he wanted to stay another year, he said yes but didn't sign anything.
Now, he's trying to move to a new place and when he called the Real Estate Agent today, he said you would have to pay a 600,000 WON fee to the RE Agent or the Owner (not sure which since his Korean isn't that great) for cancelling the contract? The Agent said the verbal agreement is the same as signing (which seems like BS to me).
Anyways, if anyone knows that would be great. |
There's no such thing as a verbal contract. But I think your friend is leaving out some details. Mabe he/she should be writing this. Why are they dealing directly with the real estate agent anyway? |
they (re agent) said a verbal contract is law in korea. hes at my place now, but im just typing.
it happend as written. house owner called him in october last year and asked if he wanted to stay another year and he said yes. thats it, no signing or paperwork. |
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highstreet
Joined: 13 Nov 2010
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| Posted: Thu May 26, 2011 2:20 am Post subject: |
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| Lazio wrote: |
| highstreet wrote: |
he put down 45,000,000 deposit and pays 550,000 a month. its just a small 16pyung officetel.
I think the fee they are charging is for finding a new tenant and the paperwork. thats about as much as I could understand. |
Tell him not to pay it. Bring a Korean friend to the Budongsan, the older the better.
What paperwork? That's bullshit. If the renting value is between 50 and 100 mil. than the realtor's fee is 0.4% or maximum 300.000!!! That's how much your friend needs to pay, not a cent more. |
assuming the info i got from the hiexpat site is correct, if his place is valued at 110,000,000, then the maximum fee would be 0.3%? equaling 330,000? |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu May 26, 2011 2:28 am Post subject: Re: Moving to a new place, have to pay RE Agent a FEE? |
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| highstreet wrote: |
| isitts wrote: |
| highstreet wrote: |
asking for a friend
he signed a one year lease back in Oct. 2009 - Oct. 2010. When the year was up the owner asked if he wanted to stay another year, he said yes but didn't sign anything.
Now, he's trying to move to a new place and when he called the Real Estate Agent today, he said you would have to pay a 600,000 WON fee to the RE Agent or the Owner (not sure which since his Korean isn't that great) for cancelling the contract? The Agent said the verbal agreement is the same as signing (which seems like BS to me).
Anyways, if anyone knows that would be great. |
There's no such thing as a verbal contract. But I think your friend is leaving out some details. Mabe he/she should be writing this. Why are they dealing directly with the real estate agent anyway? |
they (re agent) said a verbal contract is law in korea. hes at my place now, but im just typing.
it happend as written. house owner called him in october last year and asked if he wanted to stay another year and he said yes. thats it, no signing or paperwork. |
That doesn't answer my question. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu May 26, 2011 2:32 am Post subject: Re: Moving to a new place, have to pay RE Agent a FEE? |
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| highstreet wrote: |
they (re agent) said a verbal contract is law in korea. hes at my place now, but im just typing. |
Really? He's there? But you're just typing? |
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Son Deureo!
Joined: 30 Apr 2003
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| Posted: Thu May 26, 2011 5:44 am Post subject: Re: Moving to a new place, have to pay RE Agent a FEE? |
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| isitts wrote: |
| highstreet wrote: |
asking for a friend
he signed a one year lease back in Oct. 2009 - Oct. 2010. When the year was up the owner asked if he wanted to stay another year, he said yes but didn't sign anything.
Now, he's trying to move to a new place and when he called the Real Estate Agent today, he said you would have to pay a 600,000 WON fee to the RE Agent or the Owner (not sure which since his Korean isn't that great) for cancelling the contract? The Agent said the verbal agreement is the same as signing (which seems like BS to me).
Anyways, if anyone knows that would be great. |
There's no such thing as a verbal contract. But I think your friend is leaving out some details. Mabe he/she should be writing this. Why are they dealing directly with the real estate agent anyway? |
To fight pedantry with pedantry, ALL contracts are verbal as they involve words. What the OP probably means is an "oral contract", which can absolutely be considered binding, if harder to verify.
[url]
http://en.wikipedia.org/wiki/Oral_contract[/url]
Of course, what's always open to question in this country is the value of any contract whatsoever. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu May 26, 2011 3:44 pm Post subject: Re: Moving to a new place, have to pay RE Agent a FEE? |
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| Son Deureo! wrote: |
| isitts wrote: |
| highstreet wrote: |
asking for a friend
he signed a one year lease back in Oct. 2009 - Oct. 2010. When the year was up the owner asked if he wanted to stay another year, he said yes but didn't sign anything.
Now, he's trying to move to a new place and when he called the Real Estate Agent today, he said you would have to pay a 600,000 WON fee to the RE Agent or the Owner (not sure which since his Korean isn't that great) for cancelling the contract? The Agent said the verbal agreement is the same as signing (which seems like BS to me).
Anyways, if anyone knows that would be great. |
There's no such thing as a verbal contract. But I think your friend is leaving out some details. Mabe he/she should be writing this. Why are they dealing directly with the real estate agent anyway? |
To fight pedantry with pedantry, ALL contracts are verbal as they involve words. What the OP probably means is an "oral contract", which can absolutely be considered binding, if harder to verify.
[url]
http://en.wikipedia.org/wiki/Oral_contract[/url]
Of course, what's always open to question in this country is the value of any contract whatsoever. |
So let�s not argue over semantics. |
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