"The Wall of Trust"… Building Owner Lee Hae-in Expresses Difficulties in the Lease Contract Process

YouTuber and building owner Lee Hae-in captured the realistic difficulties she is experiencing during the commercial lease contract process in a video. Lee Hae-in is attempting to fill vacant commercial spaces by personally introducing them to potential tenants to finalize contracts, but she has encountered obstacles due to complex procedures related to "trust."

Variables in Trust Real Estate Contracts, "Burden of Submitting Tenant Commitment Letters and Personal Seals"

In the video, Lee Hae-in shows the process of pursuing commercial contracts while traveling a distance from Gimpo to Gangdong that takes at least one hour, and up to two hours when traffic is heavy. She met with a tenant for a second-floor commercial lease, but the contract was not finalized. The main reason lay in the procedures required when entering a lease contract for trust property.

According to the video, to enter a lease contract, there is a part where a tenant commitment letter must be written and even a personal seal must be submitted; there were cases where people came to sign the contract but left because they felt burdened by this. Particularly in the case of trust property, there are concerns that if there is no lease consent form, the tenant may not be protected if ownership changes in the future. The fact that a tenant may not be able to protect their deposit if the seller changes due to a liquidation process caused by the trustee's default is acting as a stumbling block for the contract.

Coordination Process Amid Diverging Positions of Realtors and Trust Companies

Lee Hae-in stated that she is experiencing difficulties due to the diverging positions of stakeholders surrounding trust real estate contracts. While some real estate agents say it is fine to contract without trust consent, other agents say consent must be obtained, and trust companies insist that it must be received, leading to conflicting stances.

Amid this confusion, Lee Hae-in is attempting to coordinate by repeatedly explaining the situation to tenants and re-confirming with the trust company. In the video, she explained that for individual business owners or individual tenants, she has coordinated to proceed in a direction where they only send a commitment letter without submitting a personal seal. However, she is deeply concerned as there are still people giving up on contracts because of the single word "trust."

Goal to Resolve Vacancies… "How to Overcome the Wall of Trust"

Lee Hae-in has set a goal to fill all vacancies by September and is working hard on the ground. However, the special situation of being a trust property is becoming a major obstacle to the contracts. At the end of the video, Lee Hae-in sought opinions from those who have experience with trust property leases, expressing her worries about how to overcome this high wall of trust.