'Registration Application, Now on Mobile'... Real Estate Registration Act Amendment Passed by National Assembly

From now on, when applying for real estate registration, it will be possible to do so easily through a mobile application (app) without having to visit the registry office in person. Additionally, to prevent recent issues related to trust real estate lease fraud, precautions will be recorded in the trust registration when dealing with trust property transactions.

On the 28th, the amendment to the Real Estate Registration Act containing these provisions passed the National Assembly plenary session. The existing Real Estate Registration Act required applicants to visit the registry office with jurisdiction over the location of the real estate in person to apply for registration, which was inconvenient. Now, it is possible to apply electronically via a mobile app, enhancing accessibility to electronic applications.

The amendment also includes provisions to record precautions to verify disposal authority when selling or leasing trust real estate. Generally, the disposal authority of trust real estate lies with the trustee, not the trustor. When entering into sales or lease contracts, it is essential to check not only the registry but also the trust register to confirm the person with disposal authority over the trust real estate. Recently, many cases occurred where lease contracts for trust real estate were made with unauthorized trustors without verification, resulting in failure to acquire opposability under the Housing Lease Protection Act. Accordingly, the amended law mandates recording such precautions in the real estate registry to prevent these issues.

Furthermore, the jurisdictional requirements for registry offices have been relaxed. Previously, when applying for joint mortgages on multiple properties, applicants had to visit each relevant registry office individually. The amended law allows the registration process to be handled collectively at one of the jurisdictional registry offices. In particular, inheritance and bequest cases can now be registered at any registry office nationwide, such as near the heir’s residence or workplace.

A Ministry of Justice official stated, "With mobile registration applications, the convenience of registration applications for the public will be improved, and it is expected that a significant portion of lease fraud damages related to trust real estate transactions can be prevented. We will continue to strive to improve the real estate registration system and related legislation to enhance the convenience of registration applications for the public."

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