Jindo-gun, Special Law Ends August 4... Apply Quickly

[Jindo=Asia Economy Honam Reporting Headquarters Reporter Choi Jae-kyung] Jindo-gun, Jeollanam-do, has urged applications ahead of the expiration of the "Special Measures Act on Real Estate Ownership Transfer Registration" (hereinafter referred to as the Real Estate Special Act).

The Real Estate Special Act is a special law that allows real estate that is not registered or whose registry details do not match the actual owner to be registered through a simplified procedure.

This law is temporarily enforced to assist residents who have difficulty exercising property rights due to failure to register ownership transfer, and has been in effect for two years from August 5, 2020, to August 4, 2022.

The targets are real estate registered in the land (forest) ledger or building ledger, including real estate that was effectively transferred by sale, gift, exchange, etc., before June 30, 1995, inherited real estate, and real estate without ownership preservation registration.

To register ownership transfer under the Special Measures Act, applicants must submit a guarantee certificate stamped by five guarantors appointed by each eup/myeon (including one judicial scrivener) and apply to Jindo-gun for issuance of a confirmation certificate.

After a two-month public notice period without any objections, the applicant can receive the confirmation certificate and apply for registration at the Jindo Registry Office.

In particular, unlike the previously enforced Special Measures Act, a long-term unregistered penalty may be imposed under the Real Name Real Estate Act upon completion of registration, so applicants should be careful to avoid disadvantages.

A representative from the Jindo-gun Civil Service Department said, “With the application deadline approaching, residents who have not registered ownership transfer should not miss this period and apply as soon as possible to protect their property rights.”

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