Goheung-gun, Deadline Approaching for the 'Special Act on Real Estate Ownership Transfer'

Deadline for applications is August 4th, hurry to apply

[Goheung=Asia Economy Honam Reporting Headquarters, Reporter Sim Jeong-woo] Jeonnam Goheung-gun (Governor Gong Young-min) announced that the "Special Act on Real Estate Ownership Transfer Registration, etc." (hereinafter referred to as the Special Act on Real Estate Ownership) will expire on August 4.

The Special Act on Real Estate Ownership is a temporary law implemented for two years from August 5, 2020, allowing 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 a simplified procedure.

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

To transfer ownership, applicants must submit a guarantee letter and a confirmation issuance application signed by five guarantors (including one lawyer or judicial scrivener) appointed in the village where the real estate is located to the Civil Affairs Land Division of the county office.

Afterward, following an on-site investigation and public notice procedure to verify the facts, if there are no objections from interested parties, a confirmation certificate will be issued. Then, the applicant can apply for ownership transfer registration at the competent registry office. The confirmation certificate issued under the Special Act must be registered by February 6, 2023.

Unlike in the past, under this Special Act on Real Estate Ownership, if the unregistered period after a 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 Real Rights of Real Estate."

A Goheung-gun official said, "Since the implementation period of this Special Act is running out, we urge eligible persons to apply as soon as possible so that residents who have had difficulties exercising their property rights can receive maximum ownership protection through proper exercise of rights."

Goheung=Asia Economy Honam Reporting Headquarters, Reporter Sim Jeong-woo hss79@asiae.co.kr

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