Q: Please explain the difference between Jeon-se(lease) and Wol-se(monthly rent).

(1) Jeon-se(Lease on a Deposit Basis)Korea has a unique housing rental system. Before moving into a house, tenants usually pay a large sum to the landlord. When the rental period ends, the deposit is returned to the tenant in full (minus any damages).Typically, you can rent a whole house, or only part of a house (1 floor, 1-2 rooms, etc.). If you want to rent a whole house, the deposit is usually 40-80% of the value of the house.Rental contracts are usually made for 2 years (for officetels, 1 year), and by law the landlord cannot terminate the contract before the end of the two-year period if the tenant wishes to stay until the end of the contract. In fact, a tenant has the right to stay in a house for 2 years even under a 1-year contract pursuant to the Housing Lease Protection Act. (2) Banjeon-se (Half Deposit System)With the recession in the housing market and the current trend of lower interest rates, leaseholders in Korea have recently been shifting their lease system from the previous jeonse (deposit system) to one of banjeonse (half deposit system), in which a deposit is combined with .............


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