Residence types in the ROK
- Most universities and colleges and some middle and high schools have their own dormitories. Such dormitories are located inside or relatively close to the school, making commuting easy, and they are relatively cheap. They also have amenities like a library, computer room, gym, and cafeteria. However, the living rules are strict to protect everyone's privacy.
- Dormitories have single rooms and multiple-person rooms like two- or four-person rooms. The move-in conditions, expenses, etc. can vary among schools, and foreign students should inquire about them to the schools they attend.
- Boarding houses are general homes that provide rooms and meals to boarders in exchange for monthly boarding charges. They are a good way to experience life in a Korean home, but it is difficult to keep one's privacy because many people live in one house.
- There are many boarding houses near schools, and one should visit them in person to see what they are like and how much they cost before deciding to live in one.
Leasing a house: 'Key money' and monthly rent
- Other than dormitories and boarding houses, students tend to lease houses with 'key money' (a substantial deposit) or by paying monthly rent. To lease a house with monthly rent in the ROK, one usually provides a deposit in advance and pays the monthly rent, and once the contract period expires, receives the deposit back from the lessor.
- In a key-money lease, a substantial deposit called 'key-money' is paid upfront and no extra rent is paid during the term of lease. Once the term of lease expires, the deposit is returned. Foreign students usually prefer a monthly rent lease because the key money deposit is quite large.
- One can find a house to lease by oneself or use a real estate agent to find a suitable house.
Purchase of a house
- If one intends to stay in the ROK for an extended period of time, one can consider purchasing a house.
- If purchasing a house, the transaction party shall jointly report the following matters, such as its actual sale price, within 30 days to the Mayor (refers to the Gu-Free City Mayor, and Special Autonomy City and Self-Governing Province Mayor) with jurisdiction over the real estate, etc. (if the sales contract clarifies rights, the real estate implies the droit) area, Governor, or Gu head. However, if one party is stipulated by the nation, or local government or under Attached Table 1 of the “Enforcement Decree of the Act on Report on Real Estate Transactions, etc.” (hereinafter “nation, etc.”), the nation, etc. shall report the information (Article 3, Paragraph 1 of the “Enforcement Decree of the Act on Report on Real Estate Transactions, etc.” and Article 3, Paragraph 1 of the “Enforcement Rules of the Act on Report on Real Estate Transactions, etc.”).
1. Personal information on the purchaser and seller
2. The conclusion date of the contract, intermediate payment and final payment
3. The location, lot number and category of the real property in question (in the case of a contract for a right to acquire any real property, the subject matter of such right)
4. Type of the real property in question (in the case of a contract for a right to acquire any real property, the type of such right)
5. The actual transaction price
6. A plan for the supply of fund needed for acquisition of the house being transacted
7. Whether the purchase will move into the house being transacted and the estimated timing of moving
8. Conditions or deadline to which the transaction contract is subject, if any
9. Personal information of the licensed practicing real estate agent, and the name, phone number and location of the brokerage office established and registered(this provision shall apply only if the licensed practicing real estate agent has prepared and delivered a transaction contract)
- Provided, that if one of the parties to a transaction is the state, a local government or a person prescribed by Presidential Decree, the report shall be filed by the state, etc. (the proviso to Article 3 (1)-1 of the Act on Report on Real Estate Transaction, etc.).