Foreign Students
Matters to consider before concluding a contract
Information gathering
- Foreign students can obtain information on houses to lease from their schools' bulletin board, local fliers, real estate agents, and other sources. Using a real estate agent is a convenient way to find a house: for a commission, the agent checks applicable legal matters, visits the actual house, and provides other such services (Article 32(1) of the 「Business Affairs of Licensed Real Estate Agents Act」).
Perusal of the real estate register
- When foreign students have selected several houses of interest, they should access the registered records of the houses or obtain a certificate of registered matters verifying such records to check matters related to the identification of the properties, their ownership, superficies, easement, chonsegwon (right to lease on a deposit basis), mortgage, lease rights, etc., to ensure a safe transaction (Articles 3 and 19 of the 「Registration of Real Estate Act」).
- To access the registered records or to obtain a certificate of registered matters, you can go to a registry office, Gu office, or the registry website of the Supreme Court (http://www.iros.go.kr) [Article 19 of the 「Registration of Real Estate Act」, Articles 26 through 32 of the 「Registration of Real Estate Rule」, and the 「Guidelines on the Handling of Perusal of Registers record on the Internet, etc.」(Established Rule on Registration No.1761 of the Supreme Court), issued on December 14, 2022, and enforced on December 16, 2022].
Checking various registers
- If the house to lease is not an apartment, other registers than the real estate register like the land and building registers should be checked to know whether the indication of the house to lease is the same as what is entered on the real estate register. Also, the area or a district designated for special utilization, future development plan, etc. regarding the location of the house should also be checked.
- The content of land ledger and building ledger can be ascertained at the relevant city hall, gun office or district office or the Government 24 Homepage. ([The Building Act, Article 38; The Rules on Filling in and Management of Building Ledger, Article 11 (1) and (7))
Visiting Houses
- After checking the real estate register, the foreign student should visit the actual house and check the residential environment to decide whether to lease it.
Confirmation of the contracting parties
- A house lease contract should be concluded with the owner of the house to lease as indicated on the real estate register to minimize the possibility of a future dispute.
- Before concluding a contract, one should check the ID card of the contracting party to determine whether that person is the person indicated on the real estate register. If dealing with his proxy, one should also check the power of attorney and the owner's seal impression certificate.