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Payment Method
Rent (Advance Payment)
'Rent' required for an advance payment is commonly used in the Korean foreign residential market. A down payment is to be made upon signing the contract and the rest of the total rent amount should be paid on or before the move-in date. Kun-mortgage for prepaid rent is installed in order to secure payment by Lessor of any amount, which the Lessor may be obligated to refund or pay to Lessee pursuant to or in consideration of Lease Agreement. In general, a Lessor is responsible for maintenance and repairs related to the premises.
Wolse(Monthly Payment)
'Wolse' is the payment on a monthly basis with a deposit. Monthly rent will have been paid on the fixed date of each month. The deposit is refundable to a Lessee upon the expiration of the contract. In general, a Lessee is responsible for maintenance.
Jeonse (Large sum of flat deposit)
Without a monthly rent payment, a flat deposit of a large sum is given to the landlord. Approximately a half to two-thirds of the value of a house is deposited to a Lessor during the lease period. A down payment is to be made upon signing the contract and the rest of the total amount is to be paid at the time of actual move-in. The whole deposit is to be returned to a Lessee upon the expiration of the contract. In general, a Lessee is responsible for maintenance.
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