Yeongdeungpo book on jeonse deposit fraud: Deokbang Research Institute

You've probably heard a lot about jeonse and monthly-rent fraud, one of the recent real-estate issues, right? Deokbang Research Institute has published a book on protecting deposits for apartment, villa, one-room, and officetel jeonse and monthly rentals, so I'm introducing it.

The book arrived wrapped up so cutely.

Rental contract information from the book's table of contents

Here is the table of contents! First-time workers and newlyweds in particular may have never signed for a home before, so many people do not even know whom to ask. Even from the subheadings alone, it is full of useful information you should absolutely check before finding or contracting a home. Above all, because it is based on real cases, it feels more realistic, with guidance you can use on the spot right away.

Jeonse fraud prevention cases

The story of newlywed tenants living in a villa on jeonse who lost their jeonse deposit! The process and the things they should have been careful about are laid out in detail.

How do you read a property registry extract?

When you sign for a home, you will inevitably come across the property's registry extract. Section A, Section B, mortgage liens... I found all of that confusing too. The book explains it step by step through examples. You can get one from the Internet Registry Office for ₩1,000, so for anyone looking to buy a home, checking one out as a way to learn would be a good experience.

Special clauses that favor the landlord and disadvantage the tenant?

Special clauses you should request without worrying about the landlord

This chapter introduces special clauses that tenants and landlords must include when drawing up a contract. There are so many different cases and sample clauses, so I hope you will look through them before signing!

“What if the landlord says no?” “It feels awkward for no reason.” “What if the real-estate agent dislikes it?” “Well, my place will probably be fine..” ... If those thoughts are stopping you from adding special-clause wording, just do not sign the contract.. No one can protect that hard-earned deposit for you. Let's prevent it in advance! 🙂

Tenant-friendly special clause: If, during the lease term, ownership changes because the landlord sells the leased property or for another reason, the landlord agrees to notify the tenant immediately. In that event, the tenant may terminate the contract, and if the tenant terminates it, the landlord agrees to return the full deposit to the tenant immediately.

This is an example of a special clause described as favorable to the tenant. It is favorable, but I think it is better thought of as wording to protect the tenant. When signing a jeonse or monthly-rent contract, you should ask the real-estate agent to put this wording in the contract. If you are contracted as the tenant of a property and the landlord takes out a loan against the home or a situation threatens your jeonse deposit, you could again be unable to get your deposit back, so make sure to take care of it.

Tenant-friendly special clause: At final payment, the landlord agrees to the tenant registering their move-in as first priority for the property, registering a jeonse right, obtaining a jeonse loan, and enrolling in jeonse deposit insurance. At final payment, the landlord will also provide the tenant with the documents required to register the jeonse right for the property and actively cooperate with the procedures above.

They say that even matters agreed verbally at the time of contracting must be stated in special-clause wording like this to prevent disputes. Landlords often change what they say later, so I should remember to put procedures in place that protect my rights as a tenant.

Please check the video for a closer look at the details. 🙂

This book sets out useful cases and action guidelines in detail for tenants seeking to protect their jeonse and monthly-rent deposits. Landlords, too, can look at the procedures involved in a contract from the tenant's perspective, and it is a good book to read to understand the current market closely.