Yeonggwang-gun Implements the Special Act on Real Estate Ownership Transfer Registration
[Asia Economy Honam Reporting Headquarters Reporter Jeon Seong] Yeonggwang-gun, Jeollanam-do (Governor Kim Jun-seong) announced on the 7th that it will begin the guarantor selection process following the temporary two-year enforcement of the "Special Measures Act on Real Estate Ownership Transfer Registration, etc. (Real Estate Ownership Transfer Registration Act)" starting from the 5th.
The guarantor selection will be conducted separately for each of the 127 legal villages and 292 administrative villages within the county area, appointing guarantors accordingly or adjusting the number of guarantors, and will be publicly announced on the website and bulletin boards.
This newly enforced Special Measures Act introduces the qualified guarantor system for the first time, appointing legal scriveners as qualified guarantors for each legal or administrative village. The qualified guarantors are authorized to request submission of materials or opinions or attendance from applicants and other guarantors to verify the truthfulness of the previous guarantee contents before drafting the guarantee certificate.
The remuneration standard for qualified guarantors is determined by mutual agreement between the applicant seeking to receive the confirmation certificate and the qualified guarantor, within the limit of 4.5 million KRW, according to the Ministry of Justice decree, and the guarantee fee must be paid accordingly.
Notably, unlike the previously enforced Special Measures Act, this Special Measures Act expands the number of guarantors, including qualified guarantors, to five or more, establishes grounds for payment of remuneration to qualified guarantors, and enforces regulations related to acquisition qualification certificates for farmland under the "Farmland Act."
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Additionally, regulations concerning land division permits under the "National Land Planning and Utilization Act," penalties under the "Special Act on Real Estate Registration," and fines under the "Act on Registration of Real Rights on Real Estate" will be applied, thereby strengthening enforcement.
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