Tenants" Key Money Return Legally Protected

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Tenants" Key Money Return Legally Protected

Tenants will be able to get their key money returned upon moving provided they legally register the amount when they rent.
The government announced on October 12 that it will revise the law on rental property and submit the revised law to the upcoming session of the National Assembly.
According to the revised law, even though the tenants have moved to other places without repayment of key money due to a variety of reasons, if they have legally registered the rental, they can be repaid their key money.
There is already a registration system for house and apartment rentals but it is seldom used due to the high fee and the lack of benefits derived from registering. Landlords in Korea require a high deposit or key money when renting an apartment. The key money is then invested so that the owner can reap the interest. Problems arise for tenants if the investment turns sour and the landlord becomes effectively bankrupt. Previously a landlord's property and assets were legally protected. The new law will now give tenants the oportunity to sue landlords for key money repayment and if necessary require public auctions of property.
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