Rent (Advance Payment)
'Rent' required for an advance payment is commonly used in Korean foreign residential market. A down payment is to
be made upon signing the contract and the rest of total rent amount should be paid on or before 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' 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
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 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.