Goheung-gun, Hurry Up with Real Estate Ownership Transfer Registration under the Special Measures Act

Deadline for submissions: August 4, 2022

[Goheung=Asia Economy Honam Reporting Headquarters Reporter Shim Jeong-woo] Goheung-gun, Jeollanam-do announced that the "Special Act on the Transfer Registration of Real Estate Ownership, etc." (hereinafter referred to as the Special Act on Real Estate Ownership) will end on August 4.

The Special Act on Real Estate Ownership has been temporarily implemented for two years from August 5, 2020, to allow the actual owners to register real estate (land, buildings) that are either unregistered or whose registered owners do not match the actual rights holders, through an easy procedure.

The eligible properties are those that were effectively transferred by sale, gift, inheritance, exchange, etc. before June 30, 1995, and those without ownership preservation registration.

If you wish to apply, submit a guarantee letter and a confirmation issuance application signed by five guarantors (including one lawyer or judicial scrivener) appointed in the legal district where the real estate is located to the Civil Complaints Land Division of the county.

The county will conduct an on-site investigation and public announcement to verify the facts, and if there are no objections from interested parties, a confirmation certificate will be issued. The applicant can then apply for ownership transfer registration at the registry office with the confirmation certificate.

For real estate with a confirmation certificate issued, the registration application must be completed by February 6, 2023.

Unlike in the past, under this Special Act on Real Estate Ownership, if the unregistered period after the real estate contract exceeds three years, a penalty of up to 30% of the real estate appraisal value may be imposed according to the Act on Registration of Actual Real Estate Owners.

A county official urged, "Since the implementation period of this Special Act is running out, we ask residents who have had difficulties exercising their property rights to hurry so that they can receive maximum ownership protection."

Goheung=Asia Economy Honam Reporting Headquarters Reporter Shim Jeong-woo sevenshim@asiae.co.kr

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