Contract Types in Korea
전세 (Jeon-se) = Key Money Deposit
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Jeonse is a unique rental contract in Korea where a large sum of money is deposited with the landlord, allowing the tenant to live rent-free.
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At the end of the lease term, the deposit is returned to the tenant.
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The initial deposit is substantial, which can be a barrier for those without sufficient funds.
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However, it is ideal for those seeking long-term, stable housing without the burden of monthly rent.
월세 (Wol-se) = Monthly Rent
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Wolse is a rental agreement where tenants pay a monthly rent to the landlord.
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The deposit for wolse is typically lower than that for Jeonse, and the monthly rent is usually more manageable.
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However, some landlords may require a year's worth of rent to be paid upfront.
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In a wolse contract, it is often possible to negotiate the ratio of deposit to monthly rent.
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For instance, increasing the deposit can reduce the monthly rent. Such negotiations are an important aspect of the contract process.
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