Buy & SellDetailed guide
Seven Essential Clauses for a Korean Home Sale Contract
In brief
The printed contract is standardized, but negotiated special clauses allocate the real transaction risk. Put every important promise, deadline, document, and remedy in writing.
Seven clauses worth negotiating
1. Present condition plus exceptions
State that the buyer inspected the current condition, then list every defect the seller must repair before closing, such as a ceiling leak or bedroom condensation.
2. Included fixtures
List each air conditioner, built-in cabinet, appliance, and other fixture by quantity and condition, and require working handover.
3. Closing adjustments
Specify that advance management deposits, long-term repair reserves where applicable, and prorated monthly fees will be settled as of closing.
4. Mortgage cancellation
Identify the registered maximum secured claim and require payoff and filing of cancellation simultaneously with the balance payment.
5. Unauthorized construction
Allocate correction duties or a price deduction if an unapproved alteration is discovered before closing.
6. Tenant vacancy and handover
Make the seller responsible for vacant possession by closing and state a daily remedy if handover is late.
7. Identity and agency
Contract only with the registered seller or a properly authorized agent holding the required power of attorney and seal documents.
Drafting tips
- Do not rely on oral promises. Even if an oral agreement can be valid, proving it later is difficult.
- Use numbers and dates. Write exact deadlines, amounts, daily charges, and document names.
- List exceptions specifically. Avoid broad phrases such as “including but not limited to” when the scope matters.
- Initial every special-clause page. Both parties should sign or seal alterations and attachments.
- Use paid legal review for a high-value or unusual deal. A short review can be inexpensive compared with a closing dispute.
Clauses to challenge
- “The seller has no responsibility for any defect.” A blanket waiver may shift too much risk and may not cover a defect intentionally concealed.
- “Everything found after closing is the buyer's responsibility.” Separate disclosed condition from known but undisclosed defects.
- “Oral agreements have no effect.” This can improve certainty but also erase a promise the buyer relied on; ensure all agreed points are written first.
Useful sources
- Korean Law Information Center — Civil Act provisions on sale, earnest money, and seller liability.
- Korea Association of Realtors — standard contract resources.
- How to Read a Korean Property Register.
- Closing-Day Settlement.
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General information only. Requirements, rates, market prices, and contract terms change. Verify current official records and consult a qualified Korean professional before making a legal, tax, financial, or contractual decision.