Keun Mortgage Registration - when where how - South Korea forum

Manlin

ViP

Member since 02 December 2009

Netanya, Central District

Manlin

17 January 2013 09:49:23

1073

Manlin

17 January 2013 09:49:23

1073

Netanya, Central District

A friend of mine is moving to Seoul and will be renting a place to live.

In his rental contract it is written that ... The costs and expenses, including the legal fees, in the preparation of the Keun-Mortgage, and registration of the Keun-Mortgage shall be paid by the Lessee, and all costs and expenses, including the legal fees, associated with the return of the Keun-Mortgage Document and its deregistration shall be paid by the Lessor. .....

So as the Lessee he would like to know how to do this.
Is it done for him by the Estate Agent?
Does he need to get a lawyer to do it?
When is it done?
After payment of the 10% deposit?
After paying the other 90% of the rent?
Prior to his move-in?

thanks guys

Youjin

Member

Member since 07 November 2013

Seoul

Youjin

07 November 2013 04:37:36

Youjin

07 November 2013 04:37:36

Seoul

This is probably too late.... anyway,

Leave it to the Agent and let him/her tell your friend when&how to do it. Given that s/he is trustworthy and capable of explaining the details in English.

Although, the Lessee usually pays the required expenses 'with' the other 90% of the rent.

BTW, why Keun-Mortgage? If your friend wants to take collateral for the return of deposit, it make sense. But if s/he just wants to make the lease right appear on the registry, the lease right itself can be registered(though Lessors hate it).

Just make sure s/he knows what Keun-Mortgage is and what is it for