Jin & Kim, PLC | Legal Blog

Short AnswerIf a Korean landlord refuses to renew a commercial lease, the tenant should first check whether the tenant made a valid renewal request, whether the lease is still within the legally protected renewal period, and whether the landlord has a legally recognized reason to refuse renewal.In many commercial lease cases, a tenant may request renewal from 6 months to 1 month before the lease..

Short AnswerYes, a commercial tenant in Korea may be able to terminate a lease early, but early termination is not always automatic.The answer depends on the lease agreement, whether there is an early termination clause, whether the lease has been renewed or impliedly renewed, whether the landlord agrees, and whether there is a legal ground for termination.Foreign business owners should review t..

Short AnswerBefore leasing a restaurant or café space in Korea, foreign business owners should check whether the premises can legally be used for the intended business and whether the required business registration, food business permits, fire safety approvals, and sanitation requirements can be satisfied.The lease should also clearly address deposit, rent, management fees, key money, interior c..

Short AnswerKey money in Korean commercial leases generally refers to money paid for the business value connected to a commercial space, such as location value, facilities, goodwill, customer traffic, or the opportunity to operate a business in that place.It is common in leases for restaurants, cafés, shops, academies, clinics, studios, and other commercial premises.However, key money is differe..

Short Answer Before signing a commercial lease in Korea, foreign tenants should carefully review the deposit, rent, management fees, permitted business use, business license issues, lease term, renewal rights, early termination, restoration obligations, and key money.A commercial lease is not only a rent agreement. For foreign business owners, it may affect business registration, deposit protect..

Short AnswerYes, in principle. A tenant in Korea is legally entitled to receive the deposit back at the end of the lease.However, in practice, delays and non-payment are common, and recovery may require legal action depending on the landlord’s financial condition and the property’s encumbrances.When Must the Deposit Be Returned?Under Korean law, the landlord is required to return the full deposi..

Short AnswerJeonse is a unique housing system in Korea where a tenant pays a large lump-sum deposit instead of monthly rent.At the end of the lease, the deposit is supposed to be returned in full. However, there are significant legal and financial risks, especially if proper protections are not secured.What Is Jeonse?Jeonse is a lease structure widely used in Korea, including in major cities suc..

Short AnswerYes. Foreigners can buy property in Korea, including in major cities such as Busan, in most cases.However, certain reporting requirements apply within statutory deadlines, and restrictions may exist in limited areas such as military protection zones.Can Foreigners Legally Own Property in Korea?Yes. Under Korean law, foreigners are generally allowed to acquire and own real estate in K..

Short AnswerForeigners can generally buy a building or commercial unit in Korea, but commercial real estate requires more careful due diligence than a simple residential purchase.Before signing a purchase contract, foreign buyers should review the real estate registry, building register, existing leases, tenant deposits, permitted use, illegal construction risks, management fees, tax costs, fore..

Short AnswerBefore signing a lease or purchase contract in Korea, foreigners should review the Korean real estate registry. This document is commonly called a real estate registry extract (부동산등기부등본), although the official document is generally referred to as a certificate of registered matters.The registry helps confirm the registered owner, mortgages, attachments, provisional attachments, trust..