"Easy Real Estate Ownership Transfer Registration"... Gyeonggi-do Implements Temporary Special Act

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will temporarily implement the "Special Act on Real Estate Ownership Transfer Registration, etc." for two years starting from the 5th of next month, allowing land or buildings with difficult ownership claims to be registered through a simplified procedure.

This law is a special act that enables unregistered land or real estate that does not match the actual situation to be registered in accordance with the facts through a simple procedure. It has been implemented three times before, in 1978, 1993, and 2006.

The applicable targets are real estate that was effectively transferred or inherited through legal acts such as sale, gift, or exchange before June 30, 1995, and land and buildings without ownership preservation registration.

However, areas such as the recovery district (north of 38 degrees latitude, the area south of the Military Demarcation Line incorporated into the Republic of Korea according to the Korean War armistice agreement), real estate involved in ownership lawsuits, and cases where ownership of farmland is prohibited under the Farmland Act are excluded.

Applicants for the Special Act must submit a guarantee letter confirmed by at least five guarantors appointed by the mayor, district chief, town chief, or township chief (including one lawyer or judicial scrivener) to the competent city, county, or district office.

The city, county, or district office, after confirming the purpose of issuing the guarantee letter, will conduct a two-month public notice and an on-site investigation to verify the facts. If there are no objections, a confirmation letter will be issued to the applicant.

The applicant can then attach the issued confirmation letter and apply for ownership transfer (preservation) registration at the registry office, which will process the real estate transfer (preservation) registration.

When the law was implemented in 2006, the province received 15,767 confirmation letter applications and issued 12,248, alleviating inconveniences related to exercising real estate property rights.

Kwon Kyung-hyun, head of the Land Information Division of the province, emphasized, "Since the Special Act on Real Estate Ownership Transfer Registration, etc. is being temporarily implemented for the first time in 14 years, we will do our best to prepare for the enforcement of the law so that many people can overcome inconveniences related to exercising their property rights."

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