ENGLISH

- The “deposit for management expense”refers to the expenses incurred in managing and operating the common areas of a multI-family house, which are collected from the owners of multi-family housing (Article 24 (1) of the Multi-Family Housing Management Act).

- Management expense deposits are not returned until the owner loses his/her ownership of the multi-family house. Hence, the deposits are normally returned to the seller by the purchaser of the sales contract, and this purchaser in turn recovers it from the next purchaser (the main body of Article 24 (2) of the Multi-Family Housing Management Act).

- Therefore, whenever you move out of an apartment, do not forget to check the amount of management expense deposits at the management office and recover it from the new purchaser.

- The “long-term repair reserves” refers to expenses that the management entity of multi-family housing collects from the owner for the replacement and repair of important facilities of multi-family housing and accumulates in accordance with a long-term repair plan (Article 30 (1) of the Multi-Family Housing Management Act).

- The owner of a house shall pay the long-term repair reserves (Article 30 (1) of the Multi-Family Housing Management Act). The lessee is not liable for the long-term repair reserves, so if he/she has paid the reserve instead of the owner, receive the settlement of the amount paid from the owner of the relevant house when he/she moves out (Article 31 (8) of Enforcement Decree of the Multi-Family Housing Management Act).