Korea's jeonse and wolse deposits are huge by global standards — and so are the scams. How to read the property register, verify the landlord, protect your deposit with a fixed-date stamp and insurance, and the red flags that mean walk away.
Last verified & updated: 2026-09-09
| Type | How it works |
|---|---|
| Jeonse (전세) | Huge refundable deposit (often 50–80% of the home value), little or no monthly rent, usually 2-year terms — the landlord must return every won when you leave |
| Wolse (월세) | Smaller deposit + monthly rent — lower risk, and what most foreigners start with |
The catch: your jeonse deposit is effectively an unsecured loan to the landlord. If the home is over-mortgaged or the owner disappears, tenants lose life savings — the “jeonse scam” waves you may have read about. Every check below exists to prevent exactly that.
1. Pull the property register (deungi-bu deungbon) at www.iros.go.kr — anyone can download it for under 1,000 won with just the address. Confirm the registered owner, and look for mortgages (geun-jeodang) in the debt section.
2. Verify the landlord in person — the ID of the person signing must match the register. A “representative” signing without a notarized power of attorney is a walk-away sign.
3. Use a licensed agent — check the license certificate on the office wall and that the agency carries liability insurance (loss coverage up to a legal limit).
4. Do the math — existing mortgage + your deposit should stay well under the real market price (under ~70–80%). If the deposit alone approaches the price of the home, that is the classic scam structure.
1. Register your residence at the address — for foreigners, reporting your place of stay to immigration (HiKorea or the local office) plays the role of the Korean move-in report and starts your legal standing as a tenant.
2. Fixed-date stamp (hwakjeong-ilja) — take the lease to the local community center (or online registry) for a date stamp. Residence + stamp gives your deposit priority over later creditors if the home is auctioned.
3. Deposit guarantee insurance — HUG's jeonse guarantee refunds your deposit if the landlord fails to. Foreigners with an ARC can subscribe for eligible homes. The premium is real money, and worth it.
❌ Deposit at or above ~80% of the market price, or the agent cannot show comparable prices
❌ Owner on the register ≠ person signing, or pressure to wire money before you saw the register
❌ Brand-new villa (multi-unit) with no transaction history and a suspiciously generous move-in bonus
❌ Anyone discouraging deposit insurance or the fixed-date stamp
❌ Contract only in Korean and nobody will wait for a translation — take a Korean-speaking friend or interpreter (BBB 1588-5644) before signing
Q. What is jeonse, in one paragraph?
Instead of monthly rent you hand the landlord a large refundable deposit (often 50–80% of the home's value) for a 2-year lease and pay no or little rent. The landlord invests the money and must return the full deposit when you leave. The risk: if the landlord goes broke or the home is over-mortgaged, your deposit is on the line — which is why the checks on this page exist.
Q. What is the property register (deungi-bu deungbon) and how do I get it?
It is the official record of who owns the property and what debts are secured against it. Anyone can download it for under 1,000 won at iros.go.kr using the address. Check that the owner's name matches the person signing your lease, and look for mortgages (geun-jeodang) — owner's debt plus your deposit should stay well under the market price.
Q. Can foreigners get deposit protection like Koreans do?
Yes. Registering your residence at the address (through immigration's stay-place report, equivalent to a Korean move-in report) plus getting a fixed-date stamp (hwakjeong-ilja) on the lease at the local community center gives your deposit legal priority. HUG guarantee insurance is also open to foreigners with an ARC for eligible homes — it refunds your deposit if the landlord does not.
Q. What are the biggest red flags?
A deposit close to or above the home's actual price, a 'representative' signing instead of the registered owner, pressure to pay before you have seen the register, a brand-new villa with no price history, and agents who discourage insurance. Any one of these is reason to walk away.
Phone numbers, fees, and procedures can change. Treat this page as a starting point and confirm details with the official sources above.