Korean Job Discussion Forums

[watergirl]

Hi everyone

So I'm considering a job , it's good but they don't pay key money. I already have an apt and would merely need to pay the key money (my current employer does now), but it seems very sketchy to rely on landlords to give it back, esp. as I'm a foreigner. If landlors are anything like they are back home, always trying to get out as much money from you that they can.

when I talk to Koreans, they seem to think you usually do get it back. I also have met several foreigners ,who aren't settled down and married here, who have paid their own key money, and don't seem top bothered by it.

Wondering people's personal experienes of this.

[TDC troll]

Hi .
I've been here 15 years .
I have never once had a problem with having my key money returned .
Just make sure all the paperwork is in order , through a real estate office .

[Mr Lee's Monkey]

I had one great experience - 5M paid and 5M returned like clockwork. The real estate agent involved was honest and efficient, even though she spoke no English.
I had one horrible experience - 2M paid and 600,000 returned after lots of headaches. My school, the real estate agents, and the landlord all ended up taking a cut of the deposit I had originally paid before I saw any money returned. The real estate agents were unscrupulous thugs who hid behind the langauge barrier. The landlady was very wealthy with lots of buildings in the area, and basically ripping people off for sport to the extent that she could get away with it. They saw me coming.
I currently have an awesome arrangement with a Korean landlord who speaks great English and cares about foreigners and how they experience Korea. I got lucky.
Get as much in writing as you possibly can, and pay close attention to your utility meters and accounts. The ability to communicate with the agent or owner is probably the most important thing. There are agencies in Seoul and Busan who will intervene on your behalf should something come up. Good luck.

[schwa]

I've had no trouble getting key money back, on time, several times.

Its important to check on the owner's financial standing before entering into an agreement. Liens against the property or back-taxes owed are a matter of public record at your local gu-office or city hall. Either would be a big red flag. Your real estate agent will provide this service for free. You can do it yourself but you could expect some language hurdles.

[big_fella1]

You need the full credit check of the owner. If they have significant equity and no other debts then you can pay your money then you need to register the key money with your local Supreme Court registry office.

Despite what you may hear, there is no insurance for this money, it is very much renter emptor.

My first landlord here was fantastic. My next one tried to be shonky and made me wait 6 weeks and then tried to pay me less, but I made a counter offer they couldn't refuse and got all of my money back.

The more important question is why your new employer won't pay key money. If it's a school or univeristy fair enough, but if it's a hagwon, I would be very cautious of the job. Maybe it's time we did credit checks on employers.

[Lucas]

[big_fella1]

[Lucas]

[calicoe]

I just went through this process with my apartment. I signed last year, and my co-worker and realtor neglected to tell me that I needed to register my 10 million key money. I found out on my own, but the co-worker said too much time had elapsed (after a full year). I signed another contract (same landlord) for 100,000 less in rent and 10 million more key money (20 million in total now). We went to the local dong office, and then the gu office, but they said I was safe since my address in on my ARK, and I have the new contract (my co-worker drew up this contract this time, avoiding the realtor fee). The landlord is clear of debt.

Is my money safe or not, or are they lying to me?

[watergirl]

I got some good advice from my former co-teacher. She said Koreans do have problems sometimes (unlike what I've heard from other Koreans). Actually, she said, it's often the people paying lower key money (such as 5 million won) and who have low rent (such as 500 won or something /mth) as they landlords tend to not have loads of money. It's quite common for all landlords to invest the money, and not just keep it in trust, so the poorer landlords, who have little liquidity not might have the key money to give you, or they could lose it in investments.
So, what many Koreans do, give the landlord LOTS of warning when you're going to leave, like even 4 mths (at least 1 or 2 mths required by the way even if your lease is only for a year...apparently, it's just assumed you'll stay on if you don't ) and the Korean renters merely advertise the place themselves, and merely sign over their contract to the new person.
she said, the landlord likes this actually because they don't have to produce any money returned to anyone, and then the person gives u the key money.

[Savant]

I would be wary of renting out officetels as I have found that some landlords do not want your name registerd for it nor do they do want any paperwork involved. So, if things go badly then say goodbye to your key money.

There was a piece in the news recently, I believe, about landlords who declare their officetels as business' instead of residential outlets [which they are used for] due to tax reasons. Another loophole which needs to be closed but will likely not happen.

[big_fella1]