2016년 5월 24일 화요일

Must Know - Key Points for House Rental in Korea to Foreigners

Rental housing in Korea is divided into two major categories: Jeonse (lease on a deposit basis) and Wolse (lease on monthly rent basis). If a tenant doesn't understand house lease system in Korea, it may result in big loss. Thus, I would like to explain the key points of a note of caustion in Korean house lease system briefly.


Category
Area
(㎡)
Sales Price
Jeonse
유지,지난주 대비 상승,지난주 대비 상승,유지,유지,유지,지난주 대비 상승,지난주 대비 상승
Wolse
Key Money
Key money
Monthly Rent
(KRW m)
(KRW m)
(KRW m)
(KRW k)
 Seoul
56-65
200-1400
160-740
20-300
700-1000
80-85
260-1400
200-950
50-400
800-2000
 JS House
 Neighbors
56-65
210-440
170-370
20-100
700-800
80-85
280-550
170-470
50-100
800-1400
One room of JS House neighbors: 20-26 Key money KRW5m ~10m Monthly rent KRW450k~550k.
* It depends on region and square meters of house.



1. Jeonse  (lease on a deposit basis)
  • Useful for those whith cash on hand
  • Key money (full deposit) lease  (67%~75% of market price):
         - Pay 10% of the total key money amount when the contract is signed
         - Pay the balance when moving in
  • Key money to give back in full at the expiry date (when moving out)
  • Available for foreigner
  • Tenant (lessee) has a right to live for contract periods (generally 2 years) without additional monthly payment
        * Utilities and other costs (water, gas, electricity, cable, phone, internet, security,
           etc.) are applied for and paid by the tenant
        * In cases of  damage done to the property, it has to be fixed to the landlord's
           standard
  • Automatically extended if there is no expiration notice from landlord (tenant can declare supension of contract before 3 months regardless of expiry date)
  • Not compusory to register in Court Registry Office
  • No registration tas. No VAT
  • Risks related to returning key money
         - No payback of key money (Tenant may wait untill find another tenant who will
            pay the key money)
         - Legal action by other creditors (Tenant may wait until all the procedures such
           as court auction against the property is completed)
           -> If the tenant is not prior over the other creditors, he/she may result in a big
                loss.
           -> Please refer to the below 5. to protect tenant's rights and secure senior
                lien against the property for the key money amount given
         - Landlord may ask to increase the key money. If you agree, you should check
            the information and consider market price of the property.
            -> Check the other parties claim or lien (see the below 5. c))
            -> If the renewed total key money is high compared to market price, consider
                 the renewal of contract.
                 * Even though the highest increase ratio is 5% by law, landload can ask to
                    increase much more according to market price. If you don't accept, you
                    may find other house.
            -> Keep the old contract and new contract after stamping for certifying contract
                 date at the Dong office

     * The main reasons why Jeonse is popular 
        a. Landlord can own a house by his/her small amount of seed money
        b. Real estate price expects to increase
        c. Landlord can make a return by investing the deposit money
        d. Tenant can use the house at low cost


2. Wolse (lease on monthly rent basis)
  • Useful for those with less cash… (but still a sizeable amount)
  • Key money (deposit) of 10~20 months rent
         - Pay 10% of the total key money amount when the contract is signed
         - Pay the balance when moving in
  • Pay rent monthly
  • Key money to give back in full at the expiry date (when moving out)
  • Less payback risk of key money
  • Rent is more expensive than financial cost on deposit of Jeonse
  • Rent is negotiable with landlord
     * The main reasons why Wolse is increasingly popular 
        a. Landlord prefers a monthly rate comparing with expected financial gain from
            Jeonse due to low interest rate
        b. Not easy to find investment of blue chips with key money due to economic
            recession
        c. Big amount of key money is burdened to tenant.


3. Kalse (full payment up front without key money)
  • A kind of variation of Wolse
  • The rent is paid for the entire period of the lease before the tenant moves in
  • The lease period is usually for a minimum of 1 year and a maximum of 3 years
  • Clearly stipulate acceptable reasons for early termination as well notice and refund procedures in the lease agreement to avoid having to pay a penalty or losing the entire pre-payment
  • The usual notice period of 60 to 90 days.

4. Mixed with Jeonse and Wolse
  • Increasing trend on mix of Jeonse and Wolse, especially by retired baby boomers expecting rent income due to decreased interest income by low interest rate
  • Key money (deposit) of approximately 70 months rent
  • Key money to give back in full at the expiry date (when moving out)
  • Rent is based on the key money of Jeonse, i.e. 6%~10% of difference between key money of Jeonse and Wolse per annum.
        e.g. Jeonse key money in the market: KRW200,000,000
               Wolse key money: KRW80,000,000
               Rent (7%): Monthly KRW700,000 (120,000,000 x 7% / 12months)


5. How to protect tenant's rights against court auction

  1) Court Auction
  • Parties related to owner can file court auction according to proper rights such as court judgement or overdue of loan
  • Court notifies the commencement of auction process to all the related parties
  • Tenants should file their own rights to the court to receive dividend after final bidding
  • Priority against the other parties depends on contervaling date including stamp date on Jeonse, i.e. the contervailing date (see the below 3) ) must be earlier than other registration date in the Court Registry Office. Then tenant has prior rights of dividend against the other creditors.
    * Successful average bidding rate of court auction (May 2015-Apr 2016)
     

  2) Need to check information
  • Everybody can access information such as ownership of property, leagla actitions against the property, collateral security established to the property, etc. from Court Registry office
  • Cautiously check the above information, especially owner, legal actions and collateral registration (senior lien)
          * If there is any senior lien, tenant should consider the amount and expected recovery
             amount in case of court auction (please get confirmation from real estate agent before
             contract completion because the information is written by Korean).

 3) Tenant protected by law (Protection under Housing Lease Act)
  • A foreigner need to register in immigration office as a resident in Korea and then  the Alien Registration Card must be updated upon the place of sojourn as soon as possible
  • Need stamp certifying definite date from Dong office (community service center)
  • Occupy (live in) the leased house
         * You may lose your priority against the property when you move out. Thus you
            should not move out until the key money pay back to you.

4) Establishment of leasehold

  • File the leasehold to Court Registry Office
         -> You hold a first lien on the property for the key money
  • Landlord must agree the establishment of leasehold
        -> Most landlords are usually reluctant to agree it thus need to persuade them 

* For the other information, please refer to http://www.asiaoptions.org/housing-in-korea/,
   https://www.angloinfo.com/south-korea/how-to/south-korea-housing-renting-accommodation,
   http://blog.thearrivalstore.com/life-in-korea/korean-rent-apartment-in-korea/

2016년 5월 7일 토요일

Traditional Korean Foods

Hansik refers to traditional Korean food, as well as the manners and rules required in serving them beautifully. What makes Korean food culture different from the rest of the world is mainly the representation of diverse side dishes, served alongside a simple bowl of rice or subtitutory stable food. This composition of rice and various complementary ingredients makes a highly balanced meal, providing all the many nutrients that the average person requires in a day.




1. Foods made of grains such as rice
  
  a. Bap (Rice)
      Bap is made by boiling the grains and fruits, in order to absorb the water, with rice and letting it rest for a sufficient amount of time. The white bap made of rice. There is also a mixed grain bap, which is rice mixed with barley, sorghum, beans, adzuki beans and other grains.
  b. Bibimbap
      Bibimbap is a complete meal in and of itself, rice mixed with all kinds of condiments of ones choice, topped with red chili sauce (or gochu-jang) for that extra kick, and enjoyed by the spoonful. Especially Jeonju Bibimbap is the most famous.

   c. Juk (Rice Gruel)
       Juk is made from grains and you can also boil different vegetables, meat, and fish with grains, when making juk. It is made by placing or grinding the grains into boiling water with them and letting it rest.
   d. Mandu (Dumpling)
      There are variety of mandu peels depending on the ingredients and fillings. Mainly, the peel is made by many kinds of the ingredients such as flattening dough, flattening buckwheat flour, etc. It is filled with pumpkin, bean sprouts, beef, kimchi, porkl, tofu, and other ingredients.
   e. Tteokguk (Sliced Rice Cake Soup)
       During Lunar New Year’s Day, a family pays their respect to their ancestors by conducting ancestral rites. They serve tteokguk to their ancestors and the family eats it as well. Tteokguk is made by boiling bar rice cakes, made up of nonglutinous rice, in meat broths. The bar rice cakes are cut thin and ovally shaped.
   f. Noodle
       - Guksu (Noodle)
         There are different types of guksu, depending on the grain or starch used to make it; Mil guksu (wheat-flour noodles), Memil guksu (nuchwheat noodles), Nokmal guksu (Starch Noodles), Gangryang guksu (corn noodles), Chilgk guksu (arrow root noodles), and many other types. You can enjoy warm noodle dish with hot soup boiled with beef brisket, beef leg bone, chicken, anchovy, etc. Or you can enjoy BiBim Guksu (spicy noodle mixed with chili sauce without soup).
      - Naengmyeon (Cold Noodle)
        Naengmyeon is made by mixing dough or starch with buckwheat powder and extracting it by putting it in a noodle-maker.
      - Kal Guksu (Chopped Noodle)
        Kal Guksu is made by slicing dough or buckwheat powder.
      - Kong Guksu (Cold Bean Soup Noodle)
        Kong Guksu is made by slicing dough or buckwheat power.
2. Kimchi
    Kimchi, a fermented cabbage, is the most famous traditional food and icon that well-represents Korea itself, as it accompanies almost every meal served in the country.
it is made with a whole salted cabbage (uncut), cabbage, radish, cucumber and/or other vegetables mixed with chilly power, garlic, fish sauce and other spicies, which is then left for fermenting.
Depending on the main ingredient used, the name of the dish also differs; Baechi Kimchi, Kkakdugi: Diced Radish Kimchi, Nabak-kimchi: Water Kimchi, Oi-so-bagi: Cucumber Kimchi, and so on.


Making of kimchi for winter, or gimjang in Korean, is a significant household event taking place annually all across the nation.

3. Bulgogi
      Bulgogi is a marinated beef or sometimes pork dish, that is sweet and tender in texture, having a taste loved by foreigners as well.


 

4. Jjim (Steamed Dish)
    There are two ways to make jjim. The first method is by boiling the different meat, fish, and vegetables with the soup. The second method is boiling with the steam. A boiled jjim takes some time to make because it needs to make the beef ribs, beef tail, shin (foreshank), pork ribs and other main ingredients tender with light fire. A steamed jjim is made with fish, shrimps, clams and other seafoods.
    a. Galbi-jjim (braised short ribs)
    b. Haemul-jjim (braised spicy seafood)
    c. Domi-jjim (braised spicy sea bream)
    d. Agu-jjim (brased spicy monkfish)
    e. Deunggalbi (braised spicy pork ribs)
    f. Jjimdark (Braised spicy chicken)
5. Jjigae (Stew)

     Jjigae can be divided differently by the ingredients that are used to make it. Tofu, green chili, pumpkin, beef, anchovy and other ingredients are used as solid ingredients. Sometimes fishes can be used as the main ingredient and it can also be made very spicy with a lot of vegetables. This spicy jjigae is called Maeeun tang (hot fish stew). Malgeun jjigae can be seasoned with salt or salted shrimp and tofu, pumpkin, radish, clam and other ingredients can be boiled to make it tasty.
    a. Doenjang jjigae (soybean paste stew)
    b. Kimchi jjigae (kimchi stew)
    c. Malgeun jjigae (clean stew)
    d. Budae jjigae(spicy sausage and ham stew)
    e. Maeeun tang (spicy fish stew)
    f. Saengtae jjigae (pollack stew)
    g. Sundubu jjigae (soft tofu stew)



6. Jeongol (Hot Pot)

    Jeongol is served with pre-seasoned meat and vegetavles on a plate. The plate is then placed on a special casserole pan that is brazed. You must mix and boil the food as it is being heated up.
    a. Beoseot-Bulgogi Jeongol (mushroom and beef hot pot)
    b. Guksu Jeongol (noodle and beef hot pot)
    c. Nakji Jeongol (octopus hot pot)
    d. Gopchang Jeongol (beef tripe hot pot)
7. Sangchae (salad)
    Fresh vegetables, also known as saengchae in Korean, that come out every season are not cooked or boiled but are mixed with chojang (soy sauce with vinegar), chogochujang (red chili-pepper paste with vinegar), and Gyuja jang (mustard sauce). White radish, cabbage, lettuce, cucumber, water parsley, deodok (mountain herbs), wild edible greens, and other raw edible vegetables are mixed with seafoods such as: jellyfish, seaweed, green laver, and others, to make saengchae. Also, squid, clams, shrimps are blanched and seasoned. Horseradish or chilled vegetables are also a part of saengchae.
    a. Mu-saengchae (radish salad)
    b. Deoduck-saengchae (mountain herb salad)
    c. Buchu-saengchae (leek salad)
    d. Minari-saengchae (water parsely salad)
 
8. Namul (seasoned greens)
    The ingredients of namul can be almost any kind of vegetable. Green leaf vegetables can be boiled in boiling water and various seasonings can be added. Gosari (braken) and doraji (balloon flower) can be stirred in after boiling and seasoning. Dried reeds, pepper leaves, and dried radish greens can be stirred after being macerated and boiled. In order for the namul to be smooth and tasty, it must be seasoned with plenty of sesame oil and ground sesame mixed with salt. There are also Chungpo muk (green-lentil jello), Memil muk (buckwheat jello) and Dotori muk (acorn jello), which are the coagulation of cooked stale starches. Stale vegetables, beef and other ingredients are seasoned with soy sauce, and the Chungpomuk muchim (mung bean jelly mixed with vegetables and beef) is called Tangpyeong chae. Japchae, Tangpyeong chae, and Jooksoon chae (sauteed vegetables in a bamboo shoot) are all part of sookchae.
    a. Gosari-namul (seasoned braken)
    b. Doraji-namul (seasoned bell flower)
    c. Dotori Muk Muchim (seasoned acorn jello)
    d. Japchae (stir-fried glass noodle and vegetables)
8. Jeon (pancake)
    The jun is similar with pancake boiling with oil. The ingredients of jun can range from meat, fish, and vegetables.
    a. Haemul-Pa-jeon (seafood and green onion pancake)
    b. Gul-jeon (oyster pancake)
    c. Dongtae-jeon (pollack pancake)
    d. Aehobak-jeon (green pumpkin pancake) 
9. Hwe (raw fish)

    Hwe is a type of food where meat and fish is eaten raw or with seasoning such as: choganjang (soy sauce mixed with vinegar), chogochujang, mustard juice, salt oil, and other seasonings. Raw meat can be made with the soft meat of beef, liver, manyplies, sheep and other meats. Croakers, halibuts, pomfrets and other fresh fishes are used as ingredients of hwe.

10.Pyeonyuk (slices of boiled meat)
     Pyeonyuk is a dish where you boil a whole piece of beef and pork, wrap it with a leaf, press it with a cutting board and slice it thin. You take the slices of meat and you dip it in seasonings like shrimp pickle juice. 
11.Jutgal (salted seafood)
     Jutgal is a food where the fish is preserved in salt. The protein substances of the fish become dissolved and create a unique scent and taste. Among the various jutgals, Saewoo jut (salted shrimp), and Myulchi jut (salted anchovy) are used as supplementary ingredients to kimchi. Myungran jut (salted pollack roe), Ojinguh Jut (salted squid), Chungnan jut (salted pollack tripe), Uhrigul jut (salted oysters with hot pepper), and Jogae jut (salted clams) are eaten as side dishes.

12.Jangajji (pickled vegetables
     Jangajji is a type of food where vegetables are pickled in ganjang (soybean sauce), gochujang (chili paste), and doenjang (soybean paste). The vegetables that are pickled are most likely vegetables that are plentiful in that season. The ingredients that are used mostly in making jangajji are: garlic, the stalk of garlic, perilla leaf, white radish, cucumber, deodeok (mountain herb) and other vegetables.

 
 13.Sauces

     a. Doenjang (soybean paste)
         The ingredients consist of soybeans, salt and water, which are combined with natural elements, such as sun and wind. It is used in casseroles or mixed with fresh mountain herbs.
     b. Gochu-jang (red chili paste)
         Gochujang is made from dried peppers, salt, water, fermented soybeans and sweet rice powder. These ingredients are mixed thoroughly and then femented, which enhances the spicy flavor of this sauce. They also use it as a dipping sauce for fresh vegetables.
    c. Ganjang (soy sauce)   
        Ganjang (“soy sauce”) is made through the same process as soybean paste. Water and salt are added to soybeans and then fermented for two months. During the fermentation process, amino acids and lactic acids are released, which creates soy sauce. Ganjang is used in casseroles and soups. It can also be used as a dipping sauce for various fried foods.

14.Desserts
      a. Tteok (rice cake)
          Tteok is a dish made by steaming, frying, or boiling rice powder or other grain powder after it has been sprinkled with water. It is served at ceremonies and holidays without fail.

      b. Hangwa (Korean snacks)
          Hangwa are traditional Korean snacks. There are many varieties depending on the ingredients or recipes such as gangjeong, sanja, yaksik, jeonggwa, yeot, yugwa, etc.
     
      c. Korean Traditional Drinks
          - Sujeonggwa (cinnamon-flavored persimmon punch)
             Wujeonggwa is a Korean traditional fruit punch. Dark reddish brown in color, it is made from dried persimmons, cinnamon, ginger and is often garnished with pine nuts.
          - Sikhye (rice punch)
            Sikhye is a traditional sweet Korean rice beverage. In addition to its liquid ingrdients, it contains grains of cooked rice and in some cases pine nuts. It is made by pouring malt water onto cooked rice.
 15.Street Foods

      There are lots of snack carts on the street. Koreans really like eating foods that do not look snacks at all but meals.



*** Most explanations are copied from VisitKorea internet site of http://english.visitkorea.or.kr/enu/FOD/FO_ENG_1_2.jsp and Hansik internet site of http://www.hansik.org/en/article.do?cmd=html&menu=PEN3010200&lang=en#tit4. The photos come from various internet sites. If origianl photographer don't agree with using the photos, I will delete them.