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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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 Posted: Thu Feb 23, 2012 11:10 pm Post subject: |
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| Far as I can figure, you'd best be out by the 1st. |
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jrwhite82
Joined: 22 May 2010
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| Posted: Thu Feb 23, 2012 11:46 pm Post subject: |
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| Zyzyfer wrote: |
Okay, I'll stick a related hypothetical up. I'm not experiencing this, but it's something that confuses me.
Let's say my lease expires January 1. I give notice that I want to terminate the lease in advance, and I find another apartment that is available starting January 4.
What I'm curious about is 1) whether it's okay to stay those few extra days in the old place; and 2) what happens if the landlord lines up a new tenant before January 4. |
Well you might be able to tell him you want to move out on January 4th. Then you'd wind up paying a prorated 3 days of rent to him for that month.
If you do not do that, then you'd have to move out on January 1st and move into a hotel for a couple of days or couch surf at your friends house until the new place is available. The old landlord would be in his right to rent out your place starting after you are supposed to move out. So if you stay there an extra three days beyond what you agreed to, you'd kind of be a squatter because you aren't paying rent anymore. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Thu Feb 23, 2012 11:53 pm Post subject: |
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I see.
My real issue of concern is what's done with the furniture during the transition. I doubt it would really be an issue because many of the places I've seen were already empty, and can be held with a small deposit, but it's one of those what-ifs, since storage services are so uncommon here. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Fri Feb 24, 2012 1:51 am Post subject: |
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| When I paid my key money my realtor told me I was guaranteed to get my money back. I will definitely tell my landlord a month in advance if I want to move out, so I can avoid problems. It's good that I read this thread. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Fri Feb 24, 2012 5:47 am Post subject: |
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| Adventurer wrote: |
| When I paid my key money my realtor told me I was guaranteed to get my money back. I will definitely tell my landlord a month in advance if I want to move out, so I can avoid problems. It's good that I read this thread. |
Actually what you should do is check with your housing contract as that will tell you when you need to notify your landlord about moving out. This can indeed be one month in advance or it can be a set time before the contract ends.
Best to check the agreement! |
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bobbybigfoot
Joined: 05 May 2007
Location: Seoul
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| Posted: Fri Feb 24, 2012 6:10 am Post subject: |
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| jrwhite82 wrote: |
| He even admitted he couldn't read his own contract that he signed. He had to get someone to translate it. So I was right that the OP couldn't even read his own contract. Thank you for bringing this to our attention. |
Really JRwhite? You gotta troll this guy's thread?
So now getting a second pair of eyes to look something over means you are a complete idiot?
Good luck to you.
I've often wondered what happens to people who get screwed over after giving 150 million won or more. Some gambling addict gets in debt for more than his property is worth. What happens to the jeonse? |
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jrwhite82
Joined: 22 May 2010
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| Posted: Fri Feb 24, 2012 4:49 pm Post subject: |
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| bobbybigfoot wrote: |
| jrwhite82 wrote: |
| He even admitted he couldn't read his own contract that he signed. He had to get someone to translate it. So I was right that the OP couldn't even read his own contract. Thank you for bringing this to our attention. |
Really JRwhite? You gotta troll this guy's thread? |
I took exception with the OP's remark about "only in Korea". So what. He said it. I commented on it. I've also discussed it with him via PM, I have no problem with him and he has no problem with me. So Foot, if you'd like to discuss it further we can also take it to PM or you can further continue to derail this thread by commenting on things that happened before a Mod intervened. Happy now?
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So now getting a second pair of eyes to look something over means you are a complete idiot? |
No, it means you did your due diligence in signing a contract in another country where you are unfamiliar with the laws and language. Where did I say having someone translate the contract makes you an idiot? I said signing a contract that you don't understand is careless and not prudent.
Something makes me think you don't really mean that.
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I've often wondered what happens to people who get screwed over after giving 150 million won or more. Some gambling addict gets in debt for more than his property is worth. What happens to the jeonse? |
Well your key money is protected up to 20 million (depending where you live) by the government (if you get it certified). So you will get up to 20 back from the government. Also, if the owner goes bankrupt and you have certified your deposit, key money takes precedent over just about any other debt out there. So you'll be first in line to get your money back. Furthermore, you will be able to stay in the apartment for free until he gives you your money back. And he will owe you interest too. So if he tries to sell the apartment out from under you, I don't think he will be able to without you getting your key money back first or as part of the deal. Because the purchaser can see his outstanding debts before they transfer the paperwork. In terms of further protections, I am not sure. And I'm also not sure if you would be able to foreclose on the apartment after a certain amount of time, or sublet it out to someone else while you wait for the key money.
Also, you can check to make sure he is in good standing with the banks and that he doesn't owe more than the apartment is worth before you sign. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Feb 26, 2012 5:38 am Post subject: |
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| NYC_Gal 2.0 wrote: |
Yikes. While I've heard that holding the money until a new tenant moves in is common practice, she can NOT deduct rent, because you won't live there and your agreement was for the contracted amount of time.
My husband's friend was able to get our key money down from 5 to 1 million (Incheon, not Seoul) with a slightly higher rent per month. We figured it was safer that way. We'll also have our last month's rent and utilities deducted from our key money, so, in the event that they try to hold it, it won't really be that bad. That, and there's been some wear and tear that they'll likely over-charge us for.
I wish you the best of luck! |
Or just live there long enough that if you lose the deposit, it's not noticed. I mean how much would you pay for rent if you lived in the west? Divide the deposit by total number of months lived. I get money extra that pays the rent. Not out of my pocket. So, if I lost 3 mil for 3 to 4 years, I'll live. That doesn't mean I still won't try to get it back. Just stay somewhere long enough to make it worth it if you're going to get your own housing. Provided housing can be crappy, which is why we like getting our own. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Sun Feb 26, 2012 7:44 am Post subject: |
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| Adventurer wrote: |
| When I paid my key money my realtor told me I was guaranteed to get my money back. I will definitely tell my landlord a month in advance if I want to move out, so I can avoid problems. It's good that I read this thread. |
Well, if it's registered with City Hall, it's guaranteed up to a certain amount (lets say 14million because that's the amount where I live). So, if you pay less than that amount, no worries as long as it's been properly registered.
But, as you know, those of us who have families tend to live in larger apartments, which involves greater deposits. That's where it gets risky. If possible, have a 14 million won slice registered in the name of your in-laws if you're married to a Korean. That person will have to register your apartment as their primary residence. This way, your deposit will be insured for twice as much.
Now, I can't stress this enough:
Never rent an apartment that never had any tenants if it's been completed for more than a few months and the deposit is more than 14 million.
These days, apartments aren't really performing too well as an investment, and so buyers who thought they'd turn a quick profit and didn't project to keep the apartment for very long (many of which didn't even make payments on the loan) rent the apartment in order to pocket your deposit before declaring bankruptcy (you wouldn't believe how often this happens).
In the event that you find yourself in this situation, the bank should offer you the opportunity to purchase the apartment first. If you're interested, offer less than the going rate, minus whatever you've lost on your deposit.
If you don't want to purchase the apartment, you still have plenty of time to find a new home. It takes months for a bank to put up an apartment up for auction, and there's no guarantee anyone will buy it. Moreover, nobody can legally force you to leave and you don't have to pay any of the utilities from the moment the bank puts the apartment up for auction.
Now, if someone does buy the apartment, the typical incentive given to tenants to vacate the premisses is 2 million won (twice as much if you had one of your in-laws pay that 14 million won slice I mentioned before). The new owners may refuse to pay, but it would be unwise of them to do so since they bought the apartment site unseen (Bath tub? What bath tub?). |
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12ax7
Joined: 07 Nov 2009
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| Posted: Sun Feb 26, 2012 7:52 am Post subject: |
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| jrwhite82 wrote: |
Well your key money is protected up to 20 million (depending where you live) by the government (if you get it certified). So you will get up to 20 back from the government. Also, if the owner goes bankrupt and you have certified your deposit, key money takes precedent over just about any other debt out there. So you'll be first in line to get your money back. Furthermore, you will be able to stay in the apartment for free until he gives you your money back. And he will owe you interest too. So if he tries to sell the apartment out from under you, I don't think he will be able to without you getting your key money back first or as part of the deal. Because the purchaser can see his outstanding debts before they transfer the paperwork. In terms of further protections, I am not sure. And I'm also not sure if you would be able to foreclose on the apartment after a certain amount of time, or sublet it out to someone else while you wait for the key money.
Also, you can check to make sure he is in good standing with the banks and that he doesn't owe more than the apartment is worth before you sign. |
Yes, you have first dibs on the amount that's guaranteed, and that amount only, which means you can still lose big. |
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jrwhite82
Joined: 22 May 2010
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| Posted: Sun Feb 26, 2012 8:06 am Post subject: |
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| 12ax7 wrote: |
| jrwhite82 wrote: |
Well your key money is protected up to 20 million (depending where you live) by the government (if you get it certified). So you will get up to 20 back from the government. Also, if the owner goes bankrupt and you have certified your deposit, key money takes precedent over just about any other debt out there. So you'll be first in line to get your money back. Furthermore, you will be able to stay in the apartment for free until he gives you your money back. And he will owe you interest too. So if he tries to sell the apartment out from under you, I don't think he will be able to without you getting your key money back first or as part of the deal. Because the purchaser can see his outstanding debts before they transfer the paperwork. In terms of further protections, I am not sure. And I'm also not sure if you would be able to foreclose on the apartment after a certain amount of time, or sublet it out to someone else while you wait for the key money.
Also, you can check to make sure he is in good standing with the banks and that he doesn't owe more than the apartment is worth before you sign. |
Yes, you have first dibs on the amount that's guaranteed, and that amount only, which means you can still lose big. |
I thought that if you put 100 down and the owner loses it. You will get 20 back (living in Seoul and had it certified) from the government. Then the other 80 is a lien against the owner that takes precedence over all other debt he might be paying off (credit cards, bank loans, bill collectors, etc.) |
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12ax7
Joined: 07 Nov 2009
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| Posted: Mon Feb 27, 2012 1:26 am Post subject: |
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| jrwhite82 wrote: |
| 12ax7 wrote: |
| jrwhite82 wrote: |
Well your key money is protected up to 20 million (depending where you live) by the government (if you get it certified). So you will get up to 20 back from the government. Also, if the owner goes bankrupt and you have certified your deposit, key money takes precedent over just about any other debt out there. So you'll be first in line to get your money back. Furthermore, you will be able to stay in the apartment for free until he gives you your money back. And he will owe you interest too. So if he tries to sell the apartment out from under you, I don't think he will be able to without you getting your key money back first or as part of the deal. Because the purchaser can see his outstanding debts before they transfer the paperwork. In terms of further protections, I am not sure. And I'm also not sure if you would be able to foreclose on the apartment after a certain amount of time, or sublet it out to someone else while you wait for the key money.
Also, you can check to make sure he is in good standing with the banks and that he doesn't owe more than the apartment is worth before you sign. |
Yes, you have first dibs on the amount that's guaranteed, and that amount only, which means you can still lose big. |
I thought that if you put 100 down and the owner loses it. You will get 20 back (living in Seoul and had it certified) from the government. Then the other 80 is a lien against the owner that takes precedence over all other debt he might be paying off (credit cards, bank loans, bill collectors, etc.) |
It's a bit complicated. I'm talking in terms of the bank repossessing the apartment because the owner has declared bankruptcy. You're talking about a different case, one where ownership hasn't changed. In such a case, it depends on what forms have been filled out and when (was the deposit registered?). But, yes, if you need to sue the owner in order to recuperate your deposit, then the court will put a lien against him or her (and you won't need to move out until you are reimbursed, either when the owner sells or when he or she eventually repays you).
All comes down to my initial advice: don't rent an apartment where you would be the first tenant to have lived there. Nowadays, the odds are high that the owner hasn't even been paying the interest on his or her mortgage, which means that you could find yourself being ripped off...if your deposit is greater than the amount guaranteed by the government, of course.
If it's less, make sure all the paperwork is properly done through a real estate agent and don't worry. You'll get it back. |
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jrwhite82
Joined: 22 May 2010
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| Posted: Mon Feb 27, 2012 2:24 am Post subject: |
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| Thanks, that's good advice about being careful who you rent from. Moving into a brand new apartment sounds nice, but can be too good to be true. |
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rhur001
Joined: 08 May 2006
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| Posted: Mon Jan 25, 2016 8:38 pm Post subject: Key Money Refund |
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Do you know if you have to see your contract out to get your key money returned of if you give your landlord sufficient notice he can refund it before your contract expires?
Thank you. |
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