Korean Job Discussion Forums

[slothrop]

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[Stunted Wookie]

Hey;
When my wife and I put down our key cash (50 mil.) we went to a gov. office and registered it for our protection...I can find out exactly what we did when the Queen Wookie returns....

[Captain Obvious 2.0]

As a foreigner, you can't get government protection. If the landlord refuses to pay back your key money, the only legal option you have is to file a lawsuit in court.

[mack the knife]

if the landlord refuses to pay back your key money, the apartment is yours...this info. from my korean wife and many other korean apt. owners...i made sure of this before my wife and i plopped down our 50 mil...of course, expect the landlord to put up a fight!! but they can't win...the law is on your side on this one!!

[slothrop]

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[mack the knife]

slothrop...

not according to what my korean wife and i have learned...you are the last one who will get screwed in this case...the bank will not take the home from the current tennant...but the owner who lost his money (the case you suggested) will probably do some time if he defaults on payments to the government or a bank...

[Harpeau]

My first hogwan Director was ripped off of his apt. key money. The rumor was that the guy who was holding thekey money split to Hawaii, or something. (The president of the hogwan was the one with all of the money.) I really felt bad for the poor guy.

Harpeau

[dutchman]

Mack is right but you need to go to some government agency to verify that the apartment has not be used as collateral for other loans. If you don't get that verification, Slothrop is right. You could be last priority if the owner goes bankrupt.
Ask a Korean friend to help. My wife took care of it all.

[Weigookin74]

What about more recent experiences? I've put small key down because I was scared of the EPIK place I'd be assigned. What are your more recent experiences with key deposits and getting them back?

[mj roach]

go to the 'gu' office and have a list of lien holders for the property printed out (W1,000) - if you will be at/or near the top...shouldn't be a problem

leave 'some' furniture in the apt./house at the end of the contract untill your money is returned

typically they'll show & re-let then return your money once they get key money from the next person

[Jane]

We paid a lawyer 500,000won for a paper giving us higher priority in the event the landlady is unable to return our key money. This might seem like a waste of money, but it's all relative to the amount you put down, I guess. This paper made us feel a bit better handing over a big chunk of cash. Also, I know there is a certain amount by law (30million or 50million won?) that is guaranteed by the government (although it might only be for Koreans).

The best thing you can do, as a poster above said, is get the budongsan to get a copy of the landlord's outstanding debts. This document is easily accessible for a negligible fee and you can see how much they have outstanding in the way of debt. The document also shows any past debts and are struck out if they have been repaid, indicating the person's tendency for good financial management.

I also cross my fingers in the hopes that we'll get our money back in the fall.

[Scouse Mouse]

The Budongsan should notify you of any outstanding debts the owner has. I say should... check it out for yourself!

If they have no debts, put down the key money and then register your debt. If things go bad, you get priority.

If they have debts, you go to the bottom of the list after whoever is already registered. If 3 people are ahead of you, they get their cash before you see yours.

Don't cut corners, and you are protected. If you don't do your homework, you only have yourself to blame

[VFRinterceptor]

If hagwon bosses are any indication of how Koreans treat contracts, do you really think it's worth the risk, to handover a big chunk of dough to a Korean who knows you have borderline, no rights here?

1 of 2 things will happen when your lease is up:
1. You get your money back, thanks, have a nice day.
2. Your landlord comes up with excuses or invents reasons why they can't pay you, or that your pay is 'delayed' indefinitely. In other words, your landlord, who is probably just a hagwon boss v2.0, really knows how to screw over a tenant, legally, and has a vast amount of financial resources to make sure you can't fight back legally.


Weigh your options and the likelihood of potential outcomes carefully before making your decisions.

[Oreovictim]

Speaking of key money, could someone help me out, please? I heard that for every 10,000,000 won you put down, you get 100,000 knocked off your rent. Is this pretty accurate?

[Goon-Yang]