Classify the buyer and unit
Confirm individual or entity ownership, nationality, residence plan, intended use and whether the unit is legally housing or an officetel.
INTERNATIONAL BUYER GUIDE
Buying property
in Korea
A practical workflow for the buyer, broker, bank and professional advisers to complete together.
This is a working orientation, not legal or tax advice. Rules and special designations can change.
Check current permission rules
Confirm the designation effective on signing, whether the unit is covered and whether an actual-residence obligation applies.
Control the contract
Use the Korean original with a controlled English translation. Review every attachment, payment date, default clause and completion condition.
Pre-clear the funds path
Prepare source-of-funds evidence, the remitting bank, Korean receiving account, FX reporting and AML review before a deposit deadline.
Report and register
Complete applicable transaction and foreign-acquisition reports, pay taxes and register title in the actual beneficial owner’s name.
Inspect and close
Tie final payment to title and encumbrance checks, occupancy approvals, defect inspection and agreed delivery documents.
LEGAL CLASSIFICATION
Korean apartment
Closest U.S. shorthand: a condominium unit when individually owned. “Apartment” identifies the housing type in Korea; it does not mean the occupant is necessarily renting.
LEGAL CLASSIFICATION
Officetel
A business-facility / quasi-housing product with no exact U.S. equivalent. Actual use, registration, VAT, mortgage and tax treatment can differ from an apartment.
KOREA–U.S. TERMINOLOGY
Read the contract before translating the product.
Marketing words can hide a different ownership structure. These translations are practical buyer explanations, not substitutes for the Korean building register and contract.
아파트 · Korean apartment
Closest U.S. shorthand: condominium unitA multi-family housing category with five or more residential floors—not a synonym for a rental. If bought by unit, the buyer typically acquires sectional title plus associated rights in common parts.
임대 · Rental / lease
Occupancy without ownershipThe tenant receives possession under contract but no registered title or equity unless a separate agreement expressly creates it.
10년 민간임대
Long-term rental, not automatically rent-to-ownA tenant lives in condo-style housing for the rental period. Any later purchase right, eligibility and price formula must appear in the governing documents.
분양전환 · Sale conversion
A later sale after the rental phaseThis does not itself promise automatic ownership. Confirm option versus priority right versus future negotiation, and how market value will be determined.
분양 · Developer sale / presale
A purchase rather than a leaseThe buyer contracts for a unit, often pays in stages, and receives registered title after completion and closing.
오피스텔 · Officetel
No exact U.S. equivalentA business-facility / quasi-housing unit that may be separately owned and used residentially, with classification and actual use affecting tax and finance.
전용면적 · Exclusive area
Private unit-area basisCompare it separately from supplied or marketed area, which may include an allocation of common space.
평 · Pyeong
1 pyeong ≈ 3.3058 m²Always check whether a quoted pyeong figure refers to exclusive area or a broader marketed-area basis.
BUDGET BEYOND PRICE
Model the entire ownership cost.
- Acquisition and registration taxes
- Possible VAT for an officetel
- Legal, translation and brokerage costs
- Annual property-related taxes
- Management, parking and service charges
- Capital-gains and U.S. reporting on exit
DOCUMENT CHECKLIST