Korean Job Discussion Forums

[cubanlord]

Hey all,

In a thread some time ago, I saw talk about a place where people, who put down their own key money, can insure it with the government in order to prevent shady landlords from keeping your money. Do you guys remember how or where to do it? Also, doesn't anyone have a website or contact information about this? I'd appreciate it.

Me.

[schwa]

Its not exactly insurance but it bumps you near the top of the creditors' list should your landlord go belly up. Theres a lid on its coverage, its 20 mil in my town but I understand it goes a bit higher in bigger cities.

You need to go to a govt office called dong sa mu so (동사무소) in the area you're moving into with your signed lease under your name and tell them you want a hwak jeong il ja (확정일자) stamp on your lease. You fill out a form & it goes on record.

An obscure little office here in my town but directions were available from the gu-office. Once found, it was quick, easy, & free.

Before signing anything, you need to do due diligence on the landlord. Your gu-office or City Hall has records of any liens or unpaid taxes, red flags obviously.

My real estate agent walked me through this stuff, her help was invaluable & her fee was very reasonable.

I dont know of any sites about this. Happy househunting!

[cubanlord]