Buying & Transaction
What Is Gyeyakgeum (계약금) — down payment?
Definition
The contract deposit (commonly ~10%) paid when you sign the purchase or lease agreement.
Gyeyakgeum (계약금) is the deposit paid at contract signing — usually around 10% of the price for a purchase. It confirms the deal; if the buyer backs out they typically forfeit it, and if the seller backs out they usually repay double.
Why it matters
The 계약금 commits both sides, so only sign once your financing and checks are in order. For a lease, a smaller contract deposit works the same way.