ENGLISH

Housing Lease

Lease Registration

Procedure of Lease Registration

Lease Registration

The lessee may, unless otherwise agreed by the parties, ask the lessor for assistance in registration of the lease (Article 621(1) of the Civil Act).

Effect of lease registration

- Upon completion of lease registration, the lessee acquires opposing power and referential payment right (Articles 3-4(1) and 3-3(5) of the Housing Lease Protection Act).

Procedure of Lease Registration

Applicants for registration

- Lease registration requires the lessor (obligor for lease registration) and the lessee (holder of rights to lease registration) to apply jointly at a district court, its branch court or a registry having jurisdiction over the location of the leased house(Articles 7(1) and 23(1) of the Registration of Real Estate Act).

Application for registration

- In order to register the lease, the applicants (i.e., the lessor and the lesses) or their authorized agent may directly file an application form containing the following information with a registry (Subparagraph 1 of Article 24(1) and Article 74 of the Registration of Real Estate Act, Article 130(1) of the Regulations thereof and Article 3-4(2) of the Housing Lease Protection Act):

· Rent;

· Scope

· Due date for rent payment;

· Term of contract (even though it is a short-term lease by a lessor haivng no capability or authority of housing disposals, it must be indicated);

· Security deposit for lease;

· Consent from a lessor concerning the transfer of the right of lease or the sublease of leased objects;

· The completion date of resident registration;

· The handover date of the leased house;

· The date of specifiying the fixed date on the written lease contract.

· When part of a real estate is leased or subleased, the number of the drawing indicating that part

- Upon filing an application for lease registration containing the aforementioned information with a registry, the following documents must be attached therewith (Articles 46(1), 62, 65(1) and 130(2) and Subparagraph 3 of Article 60 (1) of the Regulations of Registration of Real Estate):

· Information proving grounds for registration: A written contract for creation of the right of lease if following an agreement, and a text of judgment and a certificate of determination if following a judgment;

· If grounds for registration require the permission, consent or approval from a third party, information proving such fact and a certificate of personal seal impression;

· Where the object of the lease is a part of the house, the land registration map or the drawing of the building indicating such part;

· A certified copy or abstract of resident registration (issued within 3 months) of the person having the right of lease;

· A certificate of personal seal impression (issued within 3 months) of the owner who is the person creating the right of lease;

· A receipt of registration license tax.

Payment of fees

- Registration fees of KRW 15,000 are charged [Attached Table 1 of the Regulations of Collection of Registration Fees (Supreme Court's Regulation No. 1733)].