Korean Job Discussion Forums

[itiswhatitis]

My lease is up on December 15th and I have given notice that I am not staying.

I put down 5 million key money.

From what the law says/from personal experience, is there usually a waiting time to get the money back or will I basically get it on Dec 15th?

Not that is should matter, but the room is likely to be empty for a bit. This is not a common time of year to look for a one room and it is a basement suite (many people do not like basement suites). They are unlikely to collect new key money from a new tenant for some time.

[giraffe]

They are suppose to give the money back the day you move out. as soon as possible anyways... ...

HOWEVER its not uncommon for them ( landlords) to hold on to it until they find someone else to take the room even if that's technically illegal for them to do... If thats the case you might have to put a bit of pressure on the landlord...

[Lazio]

You will get it back on the day you move out. Do not move out untill you receive the money. I mean you should literally check your account before you hand over your keys.
5 million is not a huge chunk and most landlords should be able to come up with that from their pocket.

Not sure if it is law or not but we got back 10% of our deposit 1-2 months in advance.

[tophatcat]

Your landlord shouldn't be holding the key money beyond the contract time frame. Example…. Contract states you will be in the apartment Dec. 14, 2012 ~ Dec. 15, 2013.

Do you have a written contract of the apartment agreement?

Some landlords will try to hold on to key money after the tenant moves out. This is illegal, assuming there is no apartment damage or the contract hasn't been broken by the tenant. Yep, somewhat rare, but some landlords will sit on your money as it gains them 0.0000001% daily interest in income if you let them. They usually have the key money invested in something else.

[optik404]

It is not illegal for the landlord to hold on to your deposit. If you move out, you aren't liable for rent, but they can hold your deposit if they want to.

[Wildbore]

[tophatcat]

[tophatcat]

[tophatcat]

[hellofaniceguy]

In any country....any...deposits are to be returned upon expiration of the contract/lease so long as there are no mitigating reasons to hold it or in the case of korea...whenever the landowner feels like it! And that's why we have courts!