Daegu City Implements Special Act on Real Estate Ownership Transfer After 14 Years... Focus on Dalseong and Dalseo Districts

On the afternoon of July 26, when clear weather appeared for the first time in a long rainy season, citizens who came out for an outing were enjoying a walk at Gangjeong Goreongbo in Dalseong-gun, Daegu.
[Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Daegu City announced on the 4th that the "Special Measures Act on Real Estate Ownership Transfer Registration, etc." (hereinafter referred to as the Special Act) will be temporarily re-enacted for the next two years starting from the 5th, for the first time in 14 years.

The Special Act is a system designed to provide relief through a simplified procedure when real estate that should be registered under the Real Estate Registration Act has not been registered for ownership preservation or ownership transfer, making it impossible to exercise property rights. It was previously implemented three times in 1978, 1993, and 2006.

The real estate subject to this Special Act includes properties that were effectively transferred by sale, gift, inheritance, or exchange before June 30, 1995.

In the case of Daegu City, all real estate including land and buildings in Dalseong-gun and farmland and forest land in parts of Daecheon and Yucheon-dong in Dalseo-gu are included. Land still bearing Japanese-style names from the Japanese colonial era's forced name changes is also subject to this Special Act.

Applications can be made by submitting a guarantee letter from at least five guarantors (including one lawyer or judicial scrivener) appointed in the dong or ri where the real estate is located, to the Land Information Division of the relevant district or county. The district or county office will conduct an on-site investigation and public announcement process, and if there are no objections from interested parties, will issue a confirmation letter. The applicant can then attach this letter and apply for ownership transfer registration at the registry office.

Kim Chang-yeop, Director of the Urban Regeneration Bureau of Daegu City, stated, "Since the Special Act allows ownership transfer through a simplified procedure, we will actively promote this opportunity so that citizens who have faced restrictions in exercising their property rights can benefit."

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