My Korean Life #27: House Hunting Part 3 - The Decision and Signing a Lease

Part 3: The Decision and Signing a Lease

So you are probably wondering which property I chose and the process of signing a lease and actually contracting an apartment!

I ended up choosing one I saw with the 3rd agent. The one that was my favorite out of all the ones I saw.

It's on the top floor of the building (just 4 stories tall but still on the top). The building has an elevator and looked very well maintained. The unit was not your standard box with a window as is with most one-rooms here. The kitchen area is somewhat separate from the living space and the bathroom is bigger than average. There is a small enclosed balcony area that I'll probably use for storage and hanging laundry. Overall, I'm very pleased with what the agent found to show me and can't wait to move and make place my own so to speak. Due to privacy concerns I won't divulge the area I am living in nor pictures of my apartment but you may see some of it coming up on my YouTube channel depending on my filming schedule with my fellow classmate.

**If your Korean language ability is still being developed (Or you are unable to obtain a copy of the terms and conditions in your mother tongue) I suggest bringing a Korean friend with you to go through the final negotiations and contract signing**

The day I signed the contract the following happened:

• Invited back to the agent's office for a final chat
• Agent called the owner to make final negotiations and to settle the move in date
• Agent provided an English copy of the terms and conditions of the lease
• Agent described all the money that was to be due and when.
• Final negotiated rent, security deposit, management fee, and brokerage fee was detailed
• The day I signed the contract, 3 copies were made (one for me, the agent, and the building owner). Once the building owner signs the paperwork, a fully signed copy will be given to me. In the interim, I was given a copy without the building owner's signature.
• I also paid part of the security deposit to basically hold the property. I also decided to pay the brokerage fee that day but the agent said I could have waited if I wanted.

More details about the brokerage fee:

Real estate agents will take a brokerage fee once you sign a contract. This fee is 0.4% of the (Monthly rent x 100) + Security Deposit Amount. Upon signing the contract, you will be asked to pay a holding deposit (a portion of the security deposit) and the brokerage fee. Upon moving in, the balance of the security deposit, management fee, and first month's rent is due. Utilities are billed as you use them per month and bills arrive in your mailbox. The management fee can include a number of things but typically it only includes Internet and TV (and water sometimes). Some buildings have everything included but the management fee may be quite high (~$100 per month).

The brokerage fee can also be where the agent could give you a further discount. Be aware there is tax added to this fee (the tax on mine was about 10%).

I paid the holding deposit and brokerage fee by bank transfer but the agent said he would have also taken cash.

Immigration information:

If you are a foreigner you only have 14 days to change your address at immigration from the day you move to your new address. If you do not do this and immigration finds out, you can be fined a lot. You should bring a copy of your lease and a form you can get at the immigration office. Let's say instead move to a Korean friend's house, goshitel, or hasukjib; immigration told me you need another form you can get at immigration that basically says you are living at their place with their permission. The address change is free, however, if you run out of spaces for addresses on the back of your ARC Card, then I think you have to pay for another card (will verify after I go to immigration in a week or two).

Part 4 will cover moving in and taking possession of my new home :)