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Reminders During Lease/Rental contract

Precautions for Lease/Monthly Rental Contracts

Contract Renewal Request
  • Tenant may exercise the right to request contract renewal only once, and the lease that has to be renewed shall last for 2 years.
  • Renewal may be refused, such as when the lessor intends to live in the target house (refer to Article 6-3, Paragraph 1 of the Housing Lease Protection Act)
Rental Increase Claim
  • Claims for increase do not exceed 5% of rental or deposit
When changing the guarantee(deposit) amount, make sure to have the agreement confirmaion date sealed.
Lease/Monthy Rental Report (2021.6.1. Applied from Contract)
  • duty to report lease/monthy rental within 30days after signing a housing lease contract(imposed a fine for negligence in case of violation)
Identifiacation of the parties, the order of rights, Brokerage Trade Confirmation and identification of the real state agent
  • Confirmation of the person and the legitimate lease and lease rights together with an ID card or a certificate of registration.
  • When signing a contract with an agent, check the power of attorney and the identification card of the agent, talk to the lessor, and remit money to the lessor’s account as much as possible.
  • Check the brokerage confirmation and sign after confirming whether or not the explanations are ommitted or repaired.
  • Confirmation of brokerage office registration(http://land.gwanak.go.kr), brokerage can be acted upon a licensed realtor(broker brokerage act violation)
Verification of various official documents
  • real state registration,building/land ledger, land use plan confirmation etc.
Checking for defects in the building itself(inquire directly to the current tenant)
  • water and sewage, heater, leakage around window frames or verandas, condensation etc.
Securing Counterpart and Priority Reimbursement Rights
  • Receiving resident registration(notification of moving in) and confirmation date, housing occupancy and resident registration are maintained throughout the lease period.
  • In case of registration certificate, unpaid national tax, or multi-family, check the current status of the confirmation date and decide whether to sign a contract according to the amount with the senior guarantor.
Application for Leasehold registration order
  • If the deposit is not returned even after the lease is terminated, the tenant must obtain a leasehold registration order from the court having jurisdiction over the place of the lease housing without the consent of the landlord, confirm that it has been registered in the register, and then move to maintain the prioprity order of payment. The tenant can be charged for the expenses related to the leasehold registration order.
Contact Information of Related Organizations
  • Seoul City Lease Deposit Support Center(Consultation for Rent to Lease, dispute settlement, etc.) ☎ 02-2133-1200~8
  • Seoul Citizen Law Consultation(Available after reservation) 02-2133-7880 or ☎120
  • Korea Legal Aid Corporation ☎132
  • Gwanak-gu illegal brokerage report center ☎02-879-6611~3

Useful Information After Lease or Monthly Rent Contract

Monthly Income Tax Deduction Guide
  • Income tax deduction is possible if you submit a copy of resident registration, a copy if lease contract and documents proving that the monthly rent has been payed to the lessee.
When the auction progress notice arrives after moving in
  • Tenants within the dividend request period shall submit a claim to the auction court and submit a request for dividends by attaching a copy of the lease contract(contract with the confirmed date), a copy of resident registration, and a bond statement of the balance of the deposit to the auction court.
Top Priority Reimbursement amount for a small tenant under the House Lease Protection Act
「주택임대차보호법」 소액임차인 최우선 변제금액(시행일자, 시행지역, 우선변제대상, 최우선 변제금액)
Enforcement Date Place Priority Reimbursement Target(Deposit) First Reimbursement Amount(maximum)
2014.01.01. Seoul Metropolitan City 95 million or less 32million won
2016.03.31. Seoul Metropolitan City 10 million won or less 34million won
2018.09.18. Seoul Metropolitan City not more than 110 million won 37million won
  • Standard : Set-up date of right to collateral security
  • Tenant’s Obligation : a legitimate contract, a transfer report, a confirmation date, and contrating party residency(occupation)
Implicit Renewal, etc
  • If the tenant does not notify the landlord of his intention to renew the contract by changing the contract terms 6months to 2 months before lease agreement ends, the contract will be renewed automatically under the same conditions. The tenant should renew the contract 2 months prior to end of previous contract.
  • The renewed lease lasts for two years, the tenant can terminate the contract at anytime, but the landlord can terminate the contract only after agreement with the tenant.
Contract Renewal Request
  • A tenant may exercise his/her right to request contract renewal only once, and the lease to be renewed shall last for two years.
  • Renewal may be refused, such as when the lessor intends to live in the target house(refer to Article 6-3, Paragraph 1 of the Housing Lease Protection Act)
Claim for an Increase in rental or security deposit
  • An increase claim shall not exceed 5% of the rental or deposit, and shall not be filed within one year after the increase
Contact Information of Related Organizations
  • Seoul City Monthlty Rent/Deposit Support Center(Consultation for Rent to Lease, disput settlement, etc.) ☎ 02-2133-1200~8
  • Seoul Citizen Law Consultation 02-2133-7880 or ☎120
  • Korea Legal Aid Corporation ☎132
  • Gwanak-gu Illegal Brokerage Report Center ☎02-879-6611~3
  • Guide to apply for income tax decuction, National Tax Service ☎ 126
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