Ulsan City, 4th Implementation of the 'Special Act on Real Estate Ownership Transfer Registration'
Temporary for Two Years Starting This August
[Asia Economy Yeongnam Reporting Headquarters, Reporter Yoon Yoseop] Ulsan City announced on the 17th that the "Special Act on the Transfer of Real Estate Ownership Registration, etc.," which allows for simplified registration of real estate where the registered details do not match the actual ownership, will be temporarily enforced for two years starting August 5.
This law was temporarily enforced three times in the past (1978, 1993, 2006), but considering the reality that many actual owners of real estate have not yet registered ownership transfers due to lack of awareness, it was enacted.
The applicable real estate includes land registered in the land (forest) register and buildings recorded in the building register as of the law's enforcement date, limited to real estate that was effectively transferred or inherited before June 30, 1995, and real estate without ownership preservation registration.
In the case of Ulsan City, based on Article 5 (Applicable Areas and Subjects) of the law, which applies to metropolitan cities and cities with populations over 500,000, only farmland and forest land in the entire Uljugun area incorporated upon metropolitan city promotion, and the Nongsong and Gangdong areas of Buk-gu are applicable, excluding buildings.
If you wish to apply for registration, you must submit a guarantee letter signed by five or more persons appointed by the head of the relevant eup/myeon, obtain a confirmation letter from the district/county where the land is located, and apply at the competent registry office.
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Lee In-geol, Director of the Land Information Division of Ulsan City, said, "Since the Special Act will be temporarily enforced for two years starting August 5, we will do our best to prepare and promote in advance so that no one misses this opportunity and everyone can benefit."
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