Prior to signing a contract, you should confirm that the financial situation of the property owner in relation to the target residence; how much is the property worth, how much debt exists on it, etc. Real estate agents are required to clearly and accurately explain this to tenants before signing a contract. They must also present documents, such as certified copies of real estate registers, to prospective tenants. Under law, if a tenant suffers a loss because the real estate agent fails to assist the tenant in checking these items, the real estate agent must compensate the tenant for the loss. This helps tenants to get the pertinent information aids in signing or not signing the contract.
If you would like to continue with the process on the property you are interested in, you need to discuss all pertinent details with the lessor. This can include:
- Lease period (usually 1 or 2 years, less is difficult to find)
- Address
- Breaking a contract early
- Deposit amount
- Rent amount, due date, and payment information
- Move in date
- Garbage disposal/schedule
- Pets
- Parking
- Provided furniture
- Keycards and/or passcode for building access
- Brokerage fee to be paid to the realtor (usually renter and landlord both pay the same amount of brokerage fee)
As this is where you will live for one or two years, it is vital that you understand everything. Ask as many questions as needed, take as many notes as needed, and don’t allow others to push you into signing something you do not understand.
The real estate agent, renter, and landlord all need to sign or stamp the contract. Sometimes a proxy will be used if the landlord lives in another city and/or is unable to visit the real estate office as the creation of a contract is frequently done very quickly. All parties must provide identification prior to signing. Bring your passport or Residence Card if you have already made it.
The real estate agent will usually use a name stamp (도장, 圖章, dojang) registered with the government instead of signing the document by hand. This is frequently also the case with the landlord. A handwritten signature is also legally binding, so don’t feel out of place using a pen.
Three copies of the contract will exist so each signing party has a legal copy. After signing all three on the designated lines, the real estate agent stacks and slightly offsets the three contracts and all three parties sign the documents in a way that their stamp or signature overlap all three contracts. If a legal dispute occurs, all three contracts are produced and lined up to confirm if they are original or forged. If you or the landlord lose their copy of the contract, the realtor can provide a photocopy of the contract.
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