The largest sum in a Korean tenancy is not the rent, it is the deposit. And signing the contract does not protect it. Protection is a separate procedure with an order to it, and skipping any one step pushes you down the queue of claims.
1. Before you sign — the property register
Get a current certified copy of the register (등기사항증명서) and check two things: that the person offering the lease is the registered owner, and whether there are senior claims — a mortgage, a seizure, a provisional seizure.
This matters for one reason. If the senior debt is large and the property goes to auction, your deposit is paid after those claims, not before.
And if the deposit or rent sits far below nearby prices, do not transfer anything until you know why.
2. At the contract — what has to be in writing
- The exact address, and the landlord's and tenant's details
- The deposit and rent, or the jeonse amount, and the lease period
- Payment dates for the initial sum and the balance, and the brokerage fee
- What the maintenance fee covers, and who is responsible for repairs
A lease commonly runs two years, and the initial payment is often about 10% of the deposit, though the parties may agree otherwise. Keep the transfer records or cash receipts — they are your evidence that the money moved.
3. Right after you move in — the move-in report and the confirmed date
Once the balance is paid and you have moved in, go to the community service centre (주민센터) to file the move-in report (전입신고) and obtain the confirmed date (확정일자). If you are already registered as a foreign resident, the change-of-address report goes with it.
These two set the date your deposit protection starts from. Delay them and your priority starts that much later — the protection is not backdated to the signing.
4. For a large deposit — a return guarantee
For jeonse, or a banjeonse with a high deposit, check before you sign whether you are eligible for a deposit-return guarantee such as HUG's. Afterwards the terms may no longer fit and you cannot join.
Three things to confirm now
- Have you pulled the register yourself — not just looked at the agent's copy?
- When will you file the move-in report and get the confirmed date?
- Is the deposit large enough to need a return guarantee?
If the senior claims or the protection requirements are not clear to you, ask the licensed agent to explain them before you sign. Holding the paperwork is not the same as being guaranteed the money back.