Reservation/Contract Process - Contract Deposit (계약금)

Typical real estate deals including the rent in Korea starts with Contract Fee (or Reservation Fee). If you like an apartment (by visiting in person) and want to guarantee your space at your desired move in date, you will need to put down something called Contract Fee (계약금) and begin writing a contract with personal information for both renter and landlord. We typically require Contract Fee (계약금) of W700,000. The move in date can be any time after writing an contract and rooms become available. This contract fee is credited toward the first month's rent. When you move in, we will require one month rental in advance and security deposit equivalent to one month rent minus this contract fee. Here is the example. If your rent is W700,000, we will need to receive the security deposit of W700,000 at the move in. If you already put down Contract Deposit (계약금) of W700,000, W700,000 will be due at the move-in. 

If you are directly coming from overseas and would like to be guaranteed an apartment by just looking at our websites' video and pictures, you will need to provide us with your personal information and arrival information for reserving an apartment. You probably want to specify an apartment number that you would like to move in and we try to get your first choice of your apartment. We put you on the reservation list with your personal information, arrival date, and flight number. We may ask you for a Contract Fee or Contract Deposit (계약금), which is W200,000-300,000 only and this should be done through bank transfer only (please no Western Union or PayPal as these medium of payments are often abused by scams). As soon as you give us personal information, Contract Fee, and your arrival info (arrival date and flight number), we will provide you with the bank information for international transfer and the contract. This Contract Fee (계약금) is credited toward the rent. 

If you are directly coming from overseas, we strongly recommend using taxi/van drivers who have been transporting our tenants over the past one year. The driver knows our location so that you can just relax on your way from the airport. Also, this will lessen anxiety on our part as well. 

We attached the sample contract (lease agreement). If you decide to reserve the apartment and decide to put down contract deposit while overseas, you will have different contract. Please take a look.

Suyu Studio,
Aug 4, 2013, 4:17 AM