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twentyone
Joined: 29 Sep 2009
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 Posted: Fri Apr 30, 2010 11:04 pm Post subject: commercial lease contracts |
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Hi Guys,
My husband and I are both foreigners. He is part owner of a restaurant here. They've been open since September, and so far the business is going pretty well. The commercial lease is for 2 years, and the building owner said they can't stay longer than that. Another foreign business owner in the area told me that there is some kind of law here in korea that guarantees they can occupy the space for up to 5 years. This makes sense as it protects people who've invested money in a spot, and then become successful, from having their business stolen out from underneath them. Does anyone know any more information about this law and how it works? Thanks~ |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sat May 01, 2010 5:17 am Post subject: Re: commercial lease contracts |
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| twentyone wrote: |
Hi Guys,
My husband and I are both foreigners. He is part owner of a restaurant here. They've been open since September, and so far the business is going pretty well. The commercial lease is for 2 years, and the building owner said they can't stay longer than that. Another foreign business owner in the area told me that there is some kind of law here in korea that guarantees they can occupy the space for up to 5 years. This makes sense as it protects people who've invested money in a spot, and then become successful, from having their business stolen out from underneath them. Does anyone know any more information about this law and how it works? Thanks~ |
yes thats right. you should be protected for 5 years, but your landlord is probably telling you different because he probably wants to use the space for his nephew or son and just rip off your idea.. because you are a foreigner he probably thinks you don't know the law..
recheck your lease contract, call a lawyer who specializes in this kind of thing.. I heard some buildings are protected for 5 years while others are not.. so you might want to look into that.. I mean its BS how koreans only give 2 year leases .. and I feel bad for you guys especially if you paid a premium for the space and now wont be able to sell the lease for your premium back.. same thing happened to the guys at USHAMA when the building owner wanted to put his son into the first floor BLISS BAR..
they got the shaft!!!!
Its been done plenty of times in itaewon and common practice in korea, when koreans see a success they will try and steal it, contact a lawyer..
you said part owner.. does that mean the other partners are Koreans?? |
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twentyone
Joined: 29 Sep 2009
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| Posted: Sat May 01, 2010 5:36 am Post subject: |
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| Thanks Itaewonguy, we'll definitely have to contact a lawyer about this. And I'll get a copy of their lease for review. I'll update what happens. |
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twentyone
Joined: 29 Sep 2009
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| Posted: Sat May 01, 2010 5:39 am Post subject: |
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| Oh and his business partner is a foreigner too. They have investor visas, so the business is 100% in their name. |
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blackjack
Joined: 04 Jan 2006
Location: anyang
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| Posted: Sat May 01, 2010 5:48 am Post subject: |
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| with all that money invested shouldn't you have a lawyer, rather than rely on a bunch of teachers? |
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twentyone
Joined: 29 Sep 2009
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| Posted: Sat May 01, 2010 9:44 am Post subject: |
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| trust me, not relying on teachers. btw there are a lot of other expats and koreans on this board. just getting a bit of feedback that's all. nothing wrong with hearing others thoughts on the situation. that's kinda what these boards are for. |
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thrylos
Joined: 10 Jun 2008
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| Posted: Sat May 01, 2010 3:37 pm Post subject: |
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^^ Says 21 to blackjack  |
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twentyone
Joined: 29 Sep 2009
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| Posted: Sun May 02, 2010 5:45 am Post subject: |
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| hey itaewonguy, i can't pm yet. anyways, the place is songtan, and no they didn't pay anything to the previous tenants. they just paid a deposit and their monthly rent. she didn't say why she wants to kick them out, but i could speculate a few reasons...probably because they're making money and now she wants to take the space back and use it for herself. |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Sun May 02, 2010 5:56 am Post subject: |
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| twentyone wrote: |
| hey itaewonguy, i can't pm yet. anyways, the place is songtan, and no they didn't pay anything to the previous tenants. they just paid a deposit and their monthly rent. she didn't say why she wants to kick them out, but i could speculate a few reasons...probably because they're making money and now she wants to take the space back and use it for herself. |
well they should be protected for 5 years.. so look into that this week...
you can call the City hall they will let you know more...
well in the worst case, at least you guys didnt pay a premium... |
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