Korea Lease Process Step 5: Final Payment & Move-In

You've reached the final step. This is when you pay the remaining deposit and officially take possession of the rental unit.

But don’t let your guard down—there are still important checks and steps that protect your rights as a tenant.

Final Payment (잔금 지급)

The final payment is typically the remaining 50% of the total deposit.

If you paid:

• 10% 계약금 (down payment)
• 40% 중도금 (mid-term payment)

Then you’ll pay the last 50% as the final payment (잔금) at move-in.

Completing this stage officially closes the signing process.
From this point on, the lease is no longer just a signed agreement—it becomes a fully executed and active tenancy.

This is when:

• Legal protections (like countervailing power and/or preferential repayment right) begin to fully apply
• Your responsibilities as a tenant begin
• Any failure to deliver or take possession of the unit could trigger legal action

It’s essential that the final payment is paid only when the unit is ready—clean, functional, and available for immediate possession.

Simultaneous Fulfillment (동시이행의 원칙)

In theory, balance payment and key handover should happen at the same time—this is called simultaneous fulfillment (동시이행) in Korean contract law.

Make sure:

• You don’t pay the final payment too early
• The unit is ready for move-in at the time of handover

Property Condition Check

Before moving in, inspect the unit carefully with your agent:

• Take photos of all existing damage (walls, floors, appliances, fixtures)
• Share the documentation with your agent so they can notify the landlord

A good agent will guide this process and help you align expectations with the landlord.

Move-In Cleaning (입주청소)

The unit should be handed over in reasonable condition—clean, functional, and safe.
If the landlord had the place professionally cleaned, expect to leave it in the same condition when moving out. Some landlords charge a move-out cleaning fee, so clarify this in the contract.

Condition Changed Since Viewing?

If the unit looks significantly worse than it did during the tour—like:

• Plumbing issues
• Mold on walls
• Broken fixtures or rotting cabinets

Immediately report the issue with your agent. You can:

• Request immediate repairs
• Negotiate a rent reduction
• Or in extreme cases, cancel the contract for incomplete or defective performance (불완전한 이행, 하자담보책임) and/or seek compensation for damages.

Utility Transfer & Address Registration

Be sure to:

• Transfer utilities (gas, electricity, water) into your name
• Register your address (체류지변경신고) at your local Immigration Office (출입국관리사무소) or dong office (주민센터)

Realtor Tip
Registering your residency along with taking possession of the unit completes your countervailing requirements as a tenant.

This step is crucial to protecting your tenancy and deposit if legal disputes arise later.

Final Thoughts: Protect Yourself

Leasing in Korea can be a smooth process—but only if you protect your rights at every step.

When you get a rental unit in Korea, make sure you’ve:

• Checked the property registry for senior claims
• Verified the landlord’s identity and avoided proxy risks
• Understood lease renewal and early termination clauses
• Registered the lease and your residency

Do this right, and your lease becomes a secure foundation—not a source of stress.

Coming Next

In the next series, we’ll cover what you need to know while living in your rental unit—your rights and responsibilities as a tenant in Korea.