Property
The jeonse lump-sum lease, and registration that does not guarantee title
Ownership is registered, but Korean law gives the register no public warranty: a buyer must verify the chain of title. The distinctive jeonse tenancy takes a large refundable deposit instead of monthly rent.
Key rules
- Jurisdiction — Registration is maintained by the courts. Foreign buyers must notify acquisition, and military or protected zones require permission.
- Deadline — Acquisition tax filing within 60 days of the acquisition date
- Deadline — Lease registration or fixed-date endorsement to secure deposit priority
Governing law
- Civil Act of Korea, Book TwoReal Rights
- Housing Lease Protection Act
- Act on Registration of Real Estate
In practice
Because registration is not conclusive, transactions rely on careful title investigation and, increasingly, insurance. Under jeonse the tenant pays 50 to 80 per cent of the property value as a deposit, recoverable at the end of the term, and the landlord keeps the investment return. Tenants secure priority for the deposit by registration or a dated endorsement plus occupation, and the Housing Lease Protection Act gives a minimum two-year term and a right to renew once. Deposit-return failures during price falls are a recurring source of litigation.