A to Z about the revised Real Estate Law on lease renewal: realtor Heonji Kim

지윤석 기자l승인2021.11.15l수정2021.11.15 14:41

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In South Korea, people can lease a house for 2 years on giving a required deposit which the landlord gives it back to the tenant when the contract runs out. Nearing the 2 years term, if the landlord asks the tenant a way too high additional deposit for a renewal, the tenant has to give the required amount to extend the contract for 2 more years. If the tenant cannot afford the amount required, he/she has to leave. The problem is that most tenants cannot afford the raise and have to move their home here and there every two years. So the government revised the Real Estate Law for the tenant to have a legal right to ask the landlord for a renewal whether the landlord likes it or not, so that the tenant can stay at the same home at least 4 consecutive years. However, industry experts warn that the revised law entails a veto of the landlord if there is a proper reason to do so. Realtor Heonji Kim gives some examples below:

 

If the tenant leased the house illegally
If the landlord paid compensation
If the tenant sub-let the house
If the tenant damages the house
If one or more of the landlord’s family is to live in the house

 

If it is irrelevant with any of the above, the landlord must legally be bound to extend the contract for 2 more years. Also, the landlord cannot ask the tenant more than 5% raise of the previous deposit. However, if both landlord and tenant agree to raise more than 5% of the previous deposit, they can do so; and the tenant can use his renewal right when the contract nearing its end. 


지윤석 기자  jsong_ps13@naver.com
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