Korean Job Discussion Forums

seonsengnimble

I'm planning on moving out of my apartment in the near future in order to cut down on my commute.

I've looked over my contract, and there doesn't appear to be anything about notice for moving out. I have stayed for over a year, so key money shouldn't be a problem.

What is the proper amount of notice to give a landlord before you move out? 1 month? 2 weeks?

crossmr · Joined: 22 Nov 2008 Location: Hwayangdong, Seoul

did you rent from someone who specifically deals with foreigners otherwise a year likely isn't enough for key money. Standard contracts are 2 years.
if you go before the end of the contract its usually on you to find a replacement (paying the realtor fee basically unless you know someone) and you won't get your key back until you do.

seonsengnimble · Posted: Thu Apr 22, 2010 7:52 am Post subject:

pkang0202 · Joined: 09 Mar 2007

Just give your notice. I don't understand why you are worried about the time frame.

However, the sooner the better because the owner doesn't have your key money sitting in an envelope ready to give you. You have to tell them AMPLE notice so they can make arrangements to get you your key money.

Oh yeah, don't expect it on the day you move out either. You won't get your key money until someone else moves into your room.

caniff · Joined: 03 Feb 2004 Location: All over the map

seonsengnimble · Posted: Thu Apr 22, 2010 7:28 pm Post subject:

The contract is for one year. I have been there since March 2009.

If I move out after I have lived there for the contract time, do I still have to wait until someone moves in to get my key money back?

Also, why aren't more Koreans upset about the insane rental system here? In order to rent an apartment, you have to give your landlord a giant loan you don't collect interest on.

seonsengnimble · Posted: Thu Apr 22, 2010 7:46 pm Post subject:

samd · Joined: 03 Jan 2007

Jane · Joined: 01 Feb 2003

As far as I know, if you sign a one year contract and continue to vacate the same apartment without resigning a new contract, the original contract legally rolls over for a second year with the same terms.

To avoid having to pay the realtor fee again (your 1/2), you will have to find yourself a new renter to take over the apartment. Once you do, you can break the lease and get your key money back without penalty (which is essentially transferred from the new renter's bank account to yours). The landlord will likely want to find a new renter to do this transfer before you move out, as they probably have your money invested and don't want to lose interest by withdrawing it early.

conbon78 · Joined: 05 Jun 2008

I called my realtor to ask how much notice I needed to give. He said the sooner the better because then it will be rented out for the day that I move out. As far as key money, you will get it back from the next person renting, which is why if you give more notice, its more likely that will happen faster. Also, I just walked over to the realtor outside of my building to let them know, didn't bother to tell my landlord. They told me 2 months was way too much time, so a month would be good. If you don't speak Korean, bring one...it will be so much easier.

"Also, why aren't more Koreans upset about the insane rental system here? In order to rent an apartment, you have to give your landlord a giant loan you don't collect interest on." I actually think it is really smart what goes on here. Its so much better than the morons in the US that rent and just forgo the security deposit because they can't afford their rent and move out. At least here people aren't going to walk away from 10mil or 5 mil key money.