Korean Job Discussion Forums

The Hammer · Posted: Sun Jul 30, 2006 6:50 pm Post subject: I need key money safety tips

How can I minimize the risk of losing my money? My key money will be chunsae up to 30 million.

I've been looking for a place in Incheon for about a week and can't find anything that isn't a total dump. Any advice?

Col.Brandon · Joined: 09 Aug 2004 Location: Seoul

Go through an agent. They are required to register the contract with the local gu office. That will afford you some protection if there's ever any dispute. It would be best to find a real estate agent who speaks English. Shop around for a good price on agent fees. They shouldn't charge you more than about 200,000 won.

PRagic · Joined: 24 Feb 2006

Yes, do go through and agent. MOST IMPORTANTLY, have the agent pull the paper on the property and make sure there aren't any leans on it. In the event that the owner goes belly up and the property goes to auction, the bank gets paid first, and then the tenents are paid in the order they moved in. If you are the last one into the building, odds are you'll be SOL.

Rule of thumb...never pay chunsae or a lot of bochungkum to a landlord with leans on their property. One easy guide - if it seems just too cheap, there is probably a good reason for it.