Korean housing terms, explained in English

• 5% rent increase cap 차임 등의 증액 제한During a lease, rent or deposit can be raised by at most 5%, and not within a year of the last increase.
• Alien registration 외국인등록Registration of a foreign resident under Article 31 of the Immigration Act.
• Automatic (implied) renewal 묵시적 갱신If neither side gives notice in time, the lease renews automatically for 2 years on the same terms.
• Dependent (NHI) 피부양자A family member covered under a workplace subscriber’s National Health Insurance.
• Deposit (bojeunggeum) 보증금The money you pay the landlord at the start of a Korean lease, returned when the lease ends.
• Fixed date (hwakjeong ilja) 확정일자An official date stamp on your lease contract that, with move-in and registration, gives you priority repayment of your deposit.
• Jeonse 전세A Korean lease where you pay a large lump-sum deposit and no monthly rent, and get the deposit back at the end.
• Jeonse right (jeonsegwon) 전세권A property right under the Civil Act to use someone else’s real estate in return for a jeonse deposit, with priority repayment.
• Landlord’s duty to disclose 임대인의 정보 제시 의무When signing a lease, the landlord must show the home’s fixed-date and deposit information and tax payment certificates.
• Lease registration order 임차권등기명령A court order that registers your lease so you keep your deposit protection after moving out.
• Local subscriber (NHI) 지역가입자A registered foreign resident covered by National Health Insurance individually, not through a job.
• Maintenance fee (gwallibi) 관리비The monthly fee residents of a managed apartment complex pay for upkeep, published item by item.
• Minimum lease term (2 years) 임대차기간A Korean home lease with no term, or a term under 2 years, is treated as a 2-year lease.
• Move-in report (residence report) 전입신고 (체류지 변경신고)The report of your new address; for foreigners, the change-of-residence report under the Immigration Act.
• Opposing power (daehangnyeok) 대항력Your right to stay for the lease term and get your deposit back even if the home is sold to a new owner.
• Priority repayment right 우선변제권Your right to be repaid the deposit before lower-ranked creditors if the home is auctioned.
• Property registry certificate 등기사항증명서 (등기부등본)The official extract of a property’s register, showing the owner and mortgages. Anyone can request it for a fee.
• Real estate agent fee (bokbi) 중개보수 (복비)The fee paid to a licensed real estate agent, agreed within a legal maximum.
• Renewal request right 계약갱신요구권A tenant’s one-time right to renew the lease for 2 more years, which the landlord can refuse only on legal grounds.
• Rent conversion rate 전월세 전환율The legal cap on the rate used to turn part of a deposit into monthly rent during a lease.
• Sublease 전대Renting out the home you rent to someone else, which needs the landlord’s consent.
• Top-priority repayment (small deposits) 최우선변제Part of a small deposit is repaid ahead of even mortgage holders when the home is auctioned.
• Wolse (monthly rent) 월세A Korean lease with a smaller deposit plus monthly rent.
• Workplace subscriber (NHI) 직장가입자A registered foreign employee covered by National Health Insurance through the workplace.

Explanations follow the current Korean statutes on the National Law Information Center (law.go.kr). Laws change, so check the original text before relying on it. This is general information, not legal advice.