Security Deposit or Key Money (임대 보증금)
While we do not require key money like most Korean apartments, we need to take something called security deposit, which is W1,000,000. Most of this deposit will be returned back to you at the end of lease in most cases. We will inspect the apartment after you move out and assess whether there should be any cleaning to be done as well. It may take 2-3 weeks in returning your deposits. Also, we may charge cleaning charges and other charges of property damages. Said deposit is going to be used, in the event of loss of or damage to the rented property and any accessories/equipment during the term of the rental contract, to defray fully or partially the cost of necessary repairs or replacement. In the absence of any damage or loss, said security deposit may not be used to pay rent.
The deposit will be released to the Renter by the end of lease contract, which is subject to the provisions below:
The full term of the Agreement has been completed;
No damage to the premises, buildings, grounds, appliances is evident;
All unpaid charges have been paid including late charges etc.
The apartment should be cleaned with vacuuming and mopping and free of tenants' belongings and trash.
Trash will be inspected and improper disposal of recyclables and trash may result in the reduction of the security deposit.