Gwangju City Implements Special Measures Act for Real Estate Ownership Transfer Registration

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 3rd that the "Special Measures Act on Real Estate Ownership Transfer Registration, etc." will be temporarily implemented for two years starting from the 5th.

The applicable targets are farmland and forestland that were effectively transferred by legal acts such as sale, gift, or exchange before June 30, 1995, or inherited real estate without ownership preservation registration.

The areas covered by Gwangju City include the former Songjeong City and Gwangsan County incorporated into the city in 1988, which correspond to the entire current Gwangsan-gu and eight neighborhoods in Seo-gu: Seochang, Seha, Yongdu, Pungam, Byeokjin, Geumho, Mareuk, and Maewol; as well as fifteen neighborhoods in Nam-gu: Guso, Yangchon, Dogeum, Seungchon, Jiseok, Apchon, Hwajang, Chilseok, Seokjeong, Sinjang, Yanggwa, Ijang, Daeji, Wonsan, and Wolseong.

To proceed with registration transfer, applicants must submit an application for issuance of a confirmation letter to the cadastral department of the autonomous district where the land is located, attaching a guarantee letter confirmed by at least five guarantors, including one qualified guarantor (lawyer or judicial scrivener) appointed by the district office for each neighborhood.

The autonomous district will conduct an on-site investigation to verify the purpose of the guarantee and the facts, followed by a two-month public notice period. If there are no objections, the confirmation letter will be issued to the applicant.

The applicant must attach the issued confirmation letter and apply for ownership transfer registration at the Gwangju District Court Registry Office. For unregistered land, the applicant should apply for a change of ownership registration in the land (forest) ledger at the cadastral department, organize the records, and then apply for ownership preservation registration attaching these documents.

Lee Su-won, Director of the Land Information Division of the city, said, "Despite the implementation of the Special Measures Act in three phases so far, there may be citizens experiencing inconvenience in exercising ownership rights due to failure to register ownership transfer." He added, "We will strive to promote and implement the Special Measures Act to protect citizens' property rights."

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