Meaning of "Right of set-off"
This is the legal right that allows a tenant to continue occupying the leased property until they assert their tenancy rights and receive a refund of the security deposit (or an equivalent amount), even if the landlord changes.
"Although the landlord changed after the contract was signed, A retained the tenancy based on priority rights and continued to occupy the premises until the security deposit was returned."
Related slang words
Date of CertificationThis refers to the procedure whereby the competent authority records the date (by stamping or registering the document) on the lease agreement to officially recognize the effective date of the contract, thereby securing priority in the repayment of the security deposit.Establishment of a Jeonse LeaseThe act of securing legal protection by registering the tenant’s right to the return of the security deposit as a **jeonse right** in the official property registerStepping Stone LoanThis is a representative low-interest home purchase loan product offered by the government to help low-income households without homes buy a home.Villa KingA sarcastic remark directed at scammers who buy up large numbers of townhouses using only the security deposits and then cause harm by failing to return the deposits on timeBejimok LoanThis is a government-backed loan program that provides funds for jeonse deposits at low interest rates to help ensure housing stability for low-income households.Pop-up caféThis term refers to a group of real estate agents who set up portable tents at apartment pre-sale sites and other locations to broker pre-sale rights without a license or to encourage illegal resale.Real Estate DevelopmentA real estate transaction method (or the act of carrying it out) in which land with low or uncertain development potential is exaggerated to appear as if it is suitable for development, and then the land is subdivided into multiple plots to attract investors by promising high returnsHomeownership LoanThis is a program that allows individuals to obtain a long-term, fixed-rate mortgage with installment payments, provided by the Korea Housing Finance Corporation.