Process of sale a property in Seoul

Process of Rent in Seoul, Korea is exactly same with other country except Jeonse.

 It is easy to find what Jeonse is because there are too much information on the web.

 However, many foreigners ask me the process of purchasing of the property in Seoul. 

 You should view the property first and then decide to buy the property.

 It is the first step.

 Next step is to negotiate the sale's price and buyer and seller agrees the final price.

 Until now, everything will be same with other country. Let's see the next step.
a buyer and a seller makes a legal contract with special agreement and the schedule of payment in registered agent (witness).

A deposit of 5% or 10% of the purchase price is made to the seller. Seller must stop advertising the property.

     If the buyer decides not to go ahead the purchase, they will forfeit the deposit to the seller. Also if the seller decides not to go ahead the sell, the seller shall pay the double amount of the deposit to the buyer.

     The property will also not be "reserved" but also free for others to purchase.
A mid-term deposit of 20% or 40% (Maximum is usually less than 50% including the initial deposit) will be transferred to seller followed schedule on the contract.

     After paid the mid-term deposit, both parties cannot brake the contract.
If the sale is not completed by the scheduled on the contract, the buyer may be liable for late completion interest to the seller by the real estate law.

     When the property is ready to be transferred, the seller will give vacant possession of it to the buyer.

      The buyer should then carefully inspect the property to ensure that it is free from defects. If any are discovered, they should be reported to the seller for rectification.

     When everything is in order, the buyer will receive a certificate of title as well as the keys to the property from the seller in exchange for the payment of the remaining balance of agreed price.

     The seller's lawyer will also hand over the transfer documents, with the details of the change in ownership of the property, to the buyer's lawyer to apply for a certificate of title. 
The buyer, the seller or the registered agent shall report the sale transaction to the competent authority. 

 It is the completion of sales in Seoul, Korea.

http://www.atseoul.co.kr

AtSeoul Realty

Email : whkwak@atseoul.co.kr

Tel : 82 10 7565 2642


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