Top-priority repayment (small deposits)
Korean: 최우선변제 · choeuseon byeonje
Part of a small deposit is repaid ahead of even mortgage holders when the home is auctioned.
A tenant whose deposit is at or below a set amount is repaid part of it before mortgage holders and other secured creditors (Housing Lease Protection Act, Art. 8).
Under the Enforcement Decree as amended on February 21, 2023, Seoul tenants with a deposit of ₩165 million or less get up to ₩55 million first; outside the listed areas, the figures are ₩75 million and ₩25 million. You must have moved in and completed the residence report before the auction is registered.
Legal basis
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. All terms
Korean version: 한국어 용어사전