1) Contract Type: Sodam is not a lodging contract for temporary residence, but a formal contract subject to the official Korean Housing Lease Protection Act, allowing for Alien Registration Card (ARC) application.
2) Contract Conditions: The minimum contract period is 6 months (the basic contract period is 1 year, but a 6-month period is currently applied only when short-term contracts are necessary, such as for foreigners), and early termination of the contract will incur a separate penalty.
3) Deposit and Rent: The deposit is set at a very low 2 million won considering foreign students, and the rent is between 530,000 and 590,000 won for a 6-month contract. The living expenses (management fee) are paid separately and divided among 10 residents (90,000 - 130,000 won).
Rent is paid in advance on the 1st of each month, and the management fee, which covers living expenses, is settled by the manager for the previous month's expenses and sent out individually on the 25th. It is paid separately at the end of the month, in arrears, to the management fee operating account.
Due to the nature of co-housing, contracts must be settled on a monthly basis, and the contract termination date will be the last day of the corresponding month. Even in case of early termination, one month's rent and one month's management fee must be paid for the final month.
4) Contract Procedure: After filling out and submitting a Letter of Intent, a house tour will be conducted on a designated Tuesday or Saturday each week. If you wish to proceed with the contract, you will transfer 10% of the deposit (200,000 won) as a contract deposit. The remaining balance of the deposit will be paid upon signing the contract on the move-in date, completing the contract.
