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There are several ways to find a home to rent in Korea. There may be rental advertisements on the streets, but people generally visit a real estate agency. A real estate agent can check the necessary matters on your behalf, prepare the necessary documents to sign a lease contract, and ensure safer transactions with an understanding of relevant laws and regulations. If you use a real estate agency, you will need to pay a prescribed fee according to the price of the home, and it will be useful to check the brokerage rates online in advance.
At present, real estate brokerage rates are set according to the transaction price. If your real estate agent requests an excessive brokerage fee, you can report it to the Illegal Brokerage Report Center within the cadastral division of the si/gun/gu office.
The lease contract, which must be signed with the landlord, will state the period of residence, the amount of the deposit, the amount of monthly rent, etc. However, there are cases where the renter enters into a contract with the tenant living in the home and pay the deposit to that person, instead of concluding a contract with the landlord. In this case, if the landlord does not accept the terms of the contract, the deposit will not be refunded. Therefore, when drawing up a lease contract, you must check who the owner of the home is and check the documents (certificate of seal and power of attorney) providing the identity of the owner or the agent authorized by the owner. You can check who the homeowner is based on a certified copy of the register of the home, which can be easily obtained online. It is recommended that you check the register several times just before making the necessary payments (down payment, interim payment, and payment of the balance).
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