Nowon-gu "Apply Before the End of Shared Land Division"

The Special Act on the Partition of Jointly Owned Land Expires on May 22 This Year... Jointly Owned Land, a Barrier to Property Rights Exercise, Easily Resolved Through Partition Application

[Asia Economy Reporter Jongil Park] Nowon-gu (District Mayor Oh Seung-rok) urged residents to expedite their applications for shared land division as the deadline for the Special Act on Shared Land Division approaches.

The "Special Act on Shared Land Division," implemented since 2012, was temporarily allowed to alleviate inconveniences faced by shared land owners and will expire on May 22 of this year.

Under the Special Act, even if there are restrictions on building coverage ratio and floor area ratio, division and individual registration based on the current land occupancy status are possible.

The eligible land for division is shared land where at least one-third of the total co-owners own buildings (including unauthorized ones) on the land and have occupied a specific share of their ownership for more than one year.

However, land excluded from eligibility includes △ land subject to a court ruling on division of shared property, △ land involved in ongoing litigation, △ land agreed not to be divided, and △ land designated as redevelopment or reconstruction maintenance zones.

Applications can be submitted to the district office with the consent of at least one-fifth of the total co-owners or 20 or more co-owners. Afterward, once the Shared Land Division Committee decides to proceed and surveying is completed, the division report is finalized, allowing registration of the divided land in official records.

The district has completed division of 8 parcels (2,781.3㎡) into 16 parcels based on applications received so far, and plans to send separate notices to owners of parcels identified through its own investigation as not yet applied for.

Shared land faces many inconveniences in exercising property rights due to restrictions under the Building Act, such as limitations on new construction or extensions and the requirement of unanimous consent from all co-owners for setting collateral.

As a result, transactions are difficult, and sales often have to accept prices lower than market value.

District Mayor Oh Seung-rok said, "The period for the Special Act, which can resolve inconveniences in exercising property rights, is running out. We hope residents will not miss this opportunity and apply promptly."

Nowon-gu Office Real Estate Information Division (2116-3631)