1. Buying a House
(1) Eligibility
Foreigners can freely purchase real estate in Korea. If staying longer than 90 days, you must obtain a Foreign Registration Card from the Korea Immigration Service.
(2) Necessary Documents and Procedures
- Property Title Register (등기부등본): Issued by the Supreme Court Internet Register. Confirms ownership details and any encumbrances on the property.
- Land Use Plan Confirmation (토지이용계획확인서): Issued by the Government24 website. Ensures the property isn’t subject to special regulations like military zones.
- Sales Contract: Includes the price, payment schedule, and both parties’ signatures.
(3) Legal Reporting and Precautions
Transactions must be reported to the local tax office and city/county office within 60 days. Properties in restricted zones may require additional approvals.
2. Renting a House
(1) Types of Rent
- Jeonse (전세): A lump sum deposit paid upfront, refundable at the end of the lease.
- Semi-Jeonse: A mix of deposit and monthly rent payments.
- Wolse (월세): A common rent format where monthly rent and a smaller deposit are required.
(2) Required Documents
- Property Title Register: To confirm the landlord's ownership and check for debts on the property.
- Lease Contract: Should specify rent, deposit, duration, and other terms clearly.
- Fixed Date Registration: Protects your deposit and can be obtained from the local community service center.
- Move-in Report: Filing at the community service center legally protects your deposit.
(3) Inspecting the Property and Requesting Repairs
- Check wallpaper, flooring, and for signs of mold or damage. Request repairs or replacements if necessary.
- Test faucets, drains, and ensure proper water flow and drainage.
- Inspect electrical outlets, lighting, and gas systems for safety and functionality.
- Ensure windows and doors close and lock properly, and test for insulation and drafts.
(4) How to Request Repairs
Before signing the contract, negotiate repair terms with the landlord via the real estate agent. After moving in, document issues and formally request repairs in writing if needed.
3. Working with Real Estate Agents
(1) Selecting a Licensed Agent
Always work with a government-registered agent. Verify their public certification and ensure their office is properly registered.
(2) Services Offered by Agents
Agents help with property listings, contract negotiation, and legal paperwork. Ensure all terms are clear before signing.
(3) Brokerage Fees
Brokerage fees are regulated and depend on the transaction amount. Report overcharging to local authorities if needed.
