Real Estate Contracting Guide

Income Tax Deduction on Monthly Rent Guide(☎ 126)

• Tenants can receive tax deductions on monthly rents if they submit a Copy of Resident Registration, Copy of Rental Contract, and any document which can verify that they have in fact payed their monthly rent to the lessor.

If Notice of Auction arrives after moving in(☎ 02-2133-7880)

• Tenants must submit a Dividends Request Form and a Rights Declaration Form, along with a Copy of Rental Contract(with a Fixed Date), Copy of Resident Registration, and a Bond Bill of Deposit Balance, to the Auction Court within the dividends request period.

「Housing Lease Protection Law」Preferential Payment for Small Tenants(☎ 02-2133-7880)

「Housing Lease Protection Law」Preferential Payment for Small Tenants

Enforcement Date	Enforcement Area	Subject of Payment (Deposit)	Payment Amount(Max)
2010.07.26.	Seoul	Under 75 Million Won	25 Million Won
2014.01.01.	Seoul	Under 95 Million Won	32 Million Won
2016.03.31.	Seoul	Under 100 Million Won	34 Million Won

• Standard : Initial setting date of Right to Collateral Security
• Requirements : Resident registration and handing over of housing before application for auction

Increase Claim on Security Deposit, etc. (☎ 02-2133-1200)

• Increase claim on deposit or rent cannot be renewed within 1 year of a rental contract or an increase, and cannot exceed the stipulated security deposit by more than 5%.

Implied Renewal, etc. (☎ 02-2133-1200)

• If the tenant does not notify the lessor at least a month before the term of lease expires, or the lessor the tenant 1~6 months before, that he or she wishes to renew the contract on alternate terms, then the contract is automatically renewed on prior terms.(Lease Duration of 2 years)

Related Agencies Contact Info.

100 Days before Contract Expiration

Verifying opposite party, priorities of rights, brokerage object, etc.

• Verify individual and his or her legitimate right to lease, by identification card, Certificate of Registered Matters, etc.
• Check registration of real estate agency(http://land.seoul.go.kr), only certified realtors may engage in intermediary acts
  (Real estate assistants’ intermediary actions are illegal)
• Affix signature after checking instructions and object of brokerage

Confirming Jeonse/Monthly Rent Market Price (☎ 1588-0149)

• MOLIT Real Transaction Price Public System (http://rt.molit.go.kr/)
• Seoul Real Estate Info System (http://land.seoul.go.kr)

Claiming Increase on Security Deposit, etc. (☎ 02-2133-1200)

• Increase claim on deposit or rent cannot be renewed within 1 year of a rental contract or an increase, and cannot exceed the stipulated security deposit by more than 5%.

Enforcing Implied Renewal, etc.(☎ 02-2133-1200)

• If the tenant does not notify the lessor at least a month before the term of lease expires, or the lessor the tenant 1~6 months before, that he or she wishes to renew the contract on alternate terms, then the contract is automatically renewed on prior terms.(Lease Duration of 2 years)

Changing security deposit amount with mandatory Fixed Date Seal

Securing Opposing Power and Preferential Payment Right(☎ 02-2133-1200)

• Receive resident registration(moving-in report) and Fixed date; maintain housing tenure and resident registration during term of lease.
• Verify state of Fixed Date for Certificate of Registered Matters or in cases of unpaid tax or multi-family housing, then decide on contracting by taking into account the sum and priority secured creditors.

Applying for Lease Registration Command(☎ 02-2133-1200)

• If the deposit is not returned after the term of lease ends, the tenant must move only after receiving a Lease Registration Command from the court of jurisdiction of the tenant’s residence.(Maintains preferential payment priority)

Adopting Standard Housing Lease Contracts

• Preferentially use Standard Housing Lease Contracts recommended by the Minister of Justice when contracting a lease agreement in writing.