Leery of lousy leases, landlords? Get a lien The Korean Herald , July 4, 2003 By Sean Hayes Dear Sean, I am considering renting an apartment, but the landlord wants a large deposit. Is there any way for me to protect myself against bad landlords that don’t return deposits?- Uneasy in Taejon. Dear Uneasy, there are two main types of residential rental agreements. The most common is Chonse. The Chonse rental system requires a tenant to put approximately 50 percent of the market value of the apartment
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Restrictions on Foreigners Purchasing Property in Korea
Foreigner Purchasing Property in Korea is not longer restricted for most acquisitions. An article on Korean Real Estate can be found at: Korean Real Estate Acquisition Taxes. Dear Sean Hayes: I was informed that there are limitations on foreigners purchasing property in Korea. I would like to purchase an apartment and was wondering what restrictions are on foreigners in purchasing property in Korea. What does a foreigner need to do to purchase property in Korea and is it true that foreigners need advance permission from the government
Continue reading76 Percent of Apartment Owners to Pay More Tax
Chosun Ilbo A Lesson in Survival From the Finance Minister The real estate tax burden this year will rise for 7.38 million households or 76 percent of the 9.7 million apartments, condominiums and villa complexes across the country. The 9.7 million will pay W85,000 (US$1=W945) in combined property tax per household on average this year, up about 12 percent (W9,000) from last year, the Ministry of Government Administration and Home Affairs said Thursday. The increase is small, the government explained, because property taxes for households worth less
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