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Joseph Fitzgerald
Joined: 16 Jan 2003
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 Posted: Fri Sep 26, 2003 9:44 pm Post subject: Apartment question?????????? |
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| My Korean wife and I rented an apartment about 6 months ago. Well, now she has her visa and we are getting ready to go the US. She told me last night that the landlady would not give us our key money back until they found a new renter. Has anyone else heard of this business practice? |
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dutchman
Joined: 23 Jan 2003
Location: My backyard
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| Posted: Fri Sep 26, 2003 9:51 pm Post subject: |
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| Yep. Standard operating procedure here. Especially since you are trying to get out of the contract early. You'll also probably have to pay the realtor fees for her to find a new tenant. |
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BTM
Joined: 20 Jan 2003
Location: Back in the saddle.
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| Posted: Fri Sep 26, 2003 11:12 pm Post subject: |
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| Chiming in - yes, this is standard operating procedure. It sucks, but there you go. This is why I made sure that we were paying absolute minimum deposit for our new place, even if it meant that we pay more monthly.... |
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HardyandTiny
Joined: 03 Jun 2003
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| Posted: Sun Sep 28, 2003 3:00 am Post subject: |
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It's standard practice.
The original person can spend the entire junsay and always pass the buck.
It's the way it is all over Seoul. I guess Korea? |
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bugs
Joined: 09 Sep 2003
Location: Classroom
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| Posted: Sun Sep 28, 2003 10:42 pm Post subject: |
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| Another Korea bashing thread? Don't be naive. It's a common practice in the U.S. too. In the U.S., your rent $ is based on the number of months you sign up for. Usually, one would pay for first month, last month, and security deposit. Consequently, longer the lease, less the rent $. If you decide to move out early, see bye bye to your security deposit. If you sign up for shorter lease, rent tends to be higher. |
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kimcheeking
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| Posted: Sun Sep 28, 2003 11:52 pm Post subject: |
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you signed a lease, they don't have to give you money back until the lease is up. Same story back home. why would you put down big key money when you are in the process of her getting a visa? You should have lived with in-laws or moved to a place that was 100% monthly until the VISA came through. I think you were a little short sited, but here is my advice.
Some landlords do hold key money after contract is over if they haven't been able to find a new tenant, but you can go to a gov't agency for help. You have a Korean wife she knows what to do.
You have a Korean wife, go back home and ask her family to take care of the apartment for you. When they get the money back ask them to wire it to you less a commission for their trouble. |
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Joseph Fitzgerald
Joined: 16 Jan 2003
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| Posted: Mon Sep 29, 2003 10:11 pm Post subject: |
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| My wife and I have lived in this apt. for 6 months, so I figure we will get about half of our deposit back. The contract was for 1 year. |
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kimcheeking
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| Posted: Mon Sep 29, 2003 10:14 pm Post subject: |
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| You won't get any of it back until the contract expires and/or you get a replacement tenant. |
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Gord
Joined: 25 Feb 2003
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| Posted: Mon Sep 29, 2003 10:43 pm Post subject: |
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| Joseph Fitzgerald wrote: |
| My wife and I have lived in this apt. for 6 months, so I figure we will get about half of our deposit back. The contract was for 1 year. |
You'll get half your deposit back only if the magic number equals six months rent. |
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BTM
Joined: 20 Jan 2003
Location: Back in the saddle.
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| Posted: Wed Oct 01, 2003 10:58 pm Post subject: |
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| Quote: |
| It's a common practice in the U.S. too. |
Er, yeah, but show me an apartment in Amurka or Canuckada for which you have to pay $50,000 deposit to get a reasonable monthly rent.
That'd be the point, here, I think.
Hell, I paid about A$8000 for this little place I'm in now (minimum deposit we could get with a decent monthly), which is about 4 times what I paid for deposit when I lived in a freakin' penthouse in downtown Sydney. Mind you, in Sydney, I was paying about 4 times the monthly rent....
Last edited by BTM on Thu Oct 02, 2003 10:08 pm; edited 1 time in total |
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HardyandTiny
Joined: 03 Jun 2003
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| Posted: Thu Oct 02, 2003 9:45 pm Post subject: Re: Apartment question?????????? |
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| Joseph Fitzgerald wrote: |
| My Korean wife and I rented an apartment about 6 months ago. Well, now she has her visa and we are getting ready to go the US. She told me last night that the landlady would not give us our key money back until they found a new renter. Has anyone else heard of this business practice? |
Yes, that is how it works!
| kimcheeking wrote: |
| you signed a lease, they don't have to give you money back until the lease is up. Same story back home. |
Not true at all!
Ask any Korean person.
If you give a landlord junsay for one year and then the year ends and the landlord has not found a new tenant he does not have to give you back the junsay until he finds a new tenant.
Everybody knows this is standard practice in Seoul.
The original owner can spend all of the key money and pass the buck to the next renter.
Similarly, if you buy a house, a private house, that has tenants and the tenants are owed key money it is the BUYER's responsibility to pay those tenants their key money if the buyer wants them out of the house.
I have gone through the process of purchasing two homes in Seoul and I have rented several apartments
It is completely different from the USA. The landlord does not have to pay you back the junsay until they find a new tenant! Doesn't matter if the contract is finished. |
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HardyandTiny
Joined: 03 Jun 2003
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| Posted: Thu Oct 02, 2003 9:50 pm Post subject: |
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| Joseph Fitzgerald wrote: |
| My wife and I have lived in this apt. for 6 months, so I figure we will get about half of our deposit back. The contract was for 1 year. |
You will get ALL your key money back when the new tenant pays the landlord the new key money. The landlord will essentially pass that money to you.
Often the existing tenants will have to spend time finding a new tenant to replace them and speed up the process.
Do you know anyone that wants to rent your place?
Forget the rules from back home and don't even think about "THE LAW". |
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Gord
Joined: 25 Feb 2003
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| Posted: Thu Oct 02, 2003 10:02 pm Post subject: Re: Apartment question?????????? |
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| HardyandTiny wrote: |
Not true at all!
Ask any Korean person.
If you give a landlord junsay for one year and then the year ends and the landlord has not found a new tenant he does not have to give you back the junsay until he finds a new tenant.
Everybody knows this is standard practice in Seoul.
The original owner can spend all of the key money and pass the buck to the next renter. |
My desposit is registered with the government, and should the landlord refuse/be unable to return my deposit to me at the end of the contract, I can petition the government to do something. The two choices being the government can give me my money and the government takes ownership of the apartment, or I can take over ownership of the apartment. |
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bugs
Joined: 09 Sep 2003
Location: Classroom
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| Posted: Thu Oct 02, 2003 10:07 pm Post subject: |
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Er, yeah, but show me an apartment in Amurka or Canuckada for which you have to pay $50,000 deposit to get a reasonable monthly rent.
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What nonsense are you talking about? Do you know how much $50,000 U.S. dollars is in Korean won? 57,500,000 won. Do you mean to say that your deposit is 57,500,000 won? 
The security deposit in the U.S. is usually about a month worth of rent. It's used by leasing agent as a "security" deposit just in case you decide to bail out on him. When you sign a lease, think of it as a contract, which affords you lower rent if the lease is for a year or longer. Consequently, when you decide to bail out, you're basically breaking the contract.
Leasing agent's and property manager's salary is based on the number of nonvacant units. Fewer the vacanies, more "commission" for the leasing agent. Therefore, it is in the best interest for a leasing agent/manager to want you to stay at the apartment even if it means at a lower rate.
I'm sure situation in Korea is not much different.
Oops, I'm sorry, you're from "Down-Under."  |
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BTM
Joined: 20 Jan 2003
Location: Back in the saddle.
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| Posted: Thu Oct 02, 2003 10:25 pm Post subject: |
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| What nonsense are you talking about? Do you know how much $50,000 U.S. dollars is in Korean won? 57,500,000 won. Do you mean to say that your deposit is 57,500,000 won? |
Read my post, bonehead. I paid about $6000 CAD ($8000 Aus) for my current place, with a reasonable monthly rent. W57,000,000 won as a full jeon-seh deposit won't get you much in Seoul, unless you're willing to pay wohl-seh as well.
Last month I was looking at apartments with deposits in the W100,000,000 to W130,000,000 range. My last place had an W85,000,000 deposit.
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| Oops, I'm sorry, you're from "Down-Under." |
No, I'm from Canada. What's your point?
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| I'm sure situation in Korea is not much different. |
Oh, you're sure about that, are you?
Read my post here for more information on how things work in Korea before you go shooting your mouth off about people talking 'nonsense' next time, smart ass. |
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