Jeonnam Province Urges "Hurry to Find Your Shared Land Shares"

[Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province announced on the 17th that, as the "Special Act on the Division of Shared Land" will expire on the 22nd of next month, residents who wish to divide shared land should apply within the deadline.

The "Special Act on the Division of Shared Land" is a temporary special law implemented for eight years since 2012, allowing real estate that is difficult to exercise property rights due to conflicts with individual laws to be registered individually based on actual boundaries. Examples of conflicts with individual laws include unauthorized buildings, distance between buildings, building coverage ratio, floor area ratio, and land division restriction areas.

Since the enactment of the special law in May 2012, the province has received 385 applications for 909 parcels and completed the division of 352 cases involving 844 parcels of shared land, resolving inconveniences related to land use and residents' exercise of property rights.

The eligible land must have two or more owners, with at least one-third of the co-owners owning buildings on the land, and must have occupied a specific portion of the land corresponding to their share for more than one year.

Applications can be submitted to the cadastral department of the city or county where the land is located, with the consent of at least one-fifth of the total co-owners or 20 or more co-owners.

However, lands that are subject to a court ruling on shared land division, ongoing litigation, or agreements not to divide are excluded from application.

The province expects that this special act on shared land division will greatly help reduce residents' time and economic burdens by alleviating inconveniences in exercising property rights for owners of buildings in shared ownership, facilitating the sale of buildings and land, and reducing litigation costs related to division of shared property.

Jeong Aesook, Director of the Land Management Division of Jeonnam Province, said, "We hope that all residents who have experienced inconveniences due to joint ownership of land will use this special act to help exercise their ownership rights."

This content was produced with the assistance of AI translation services.