Busan City, Special Act on Real Estate Ownership Transfer Registration for the First Time in 14 Years

Temporary Implementation for 2 Years from September 5, 2022... Ownership Transfer via Simplified Procedures
Farmland and Forest Land in Part of Gangseo-gu Incorporated into Busan Since 1988... Entire Land and Buildings in Gijang-gun

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City announced on the 2nd that the "Special Act on Real Estate Ownership Transfer Registration, etc. (hereinafter referred to as the Special Act)" will be temporarily enforced for two years starting from the 5th of next month.

The Special Act is a system that allows real estate, whose ownership transfer registration has not been completed and thus property rights cannot be exercised, to be registered accurately through a simplified procedure. It has been implemented three times in 1978, 1993, and 2006.

This Special Act is being temporarily enforced for the first time in 14 years since 2006.

The applicable real estate includes properties that were effectively transferred by sale, gift, inheritance, exchange, etc., before June 30, 1995, and properties without ownership preservation registration, as well as farmland and forest land incorporated into Busan City after January 1, 1988.

In the Busan area, applicable properties include farmland and forest land in parts of Gangseo-gu (Garak-dong, Noksan-dong, Gadukdo-dong) and all land and buildings in the eup/myeon area of Gijang-gun (land registered in the land register or forest register, buildings recorded in the building register).

Applications must be submitted to the Land Information Division of the district or county office with a guarantee letter from at least five guarantors (including one lawyer or judicial scrivener) appointed by the district or county head where the real estate is located.

The competent authority will issue a confirmation certificate after a public notice process if there are no objections from interested parties, and the applicant can then apply for registration at the competent registry office by attaching this certificate.

Shin Yong-ik, Director of the Land Information Division of Busan City, said, "Since this Special Act is being temporarily re-enforced after 14 years, we will ensure that many citizens can benefit from it."

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