Easier Real Estate Ownership Transfer Registration... Special Measures Act Enforcement Decree Passed at Cabinet Meeting

On the 9th, when the Supreme Prosecutors' Office decided that the Channel A case would be investigated by the Seoul Central District Prosecutors' Office itself, reporters were waiting in front of the Ministry of Justice in Gwacheon, Gyeonggi Province, to ask Minister of Justice Choo Mi-ae for her position. / Gwacheon = Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Hyung-min] The Ministry of Justice announced that the detailed enforcement decree supporting the Special Act on Real Estate Ownership Transfer Registration, which will take effect from the 5th, passed the Cabinet meeting on the 4th.

This enforcement decree was created to establish the necessary provisions for the proper implementation of the "Special Act on Real Estate Ownership Transfer Registration, etc." starting from the 5th.

The Special Act is designed to protect the ownership rights of the true owners by allowing temporary and simplified registration procedures for real estate whose ownership preservation registration has not been properly completed under the Real Estate Registration Act or whose registry entries do not match the actual rights relationships.

This law was enacted in 1978, 1993, and 2006, and it has been decided to be temporarily enforced again for two years this year.

The National Assembly enacted this law recognizing the need to provide relief again to the actual owners of real estate whose ownership transfer registration has not been completed to this day due to lack of awareness of the law during previous special acts.

The enforcement decree, created alongside the Special Act, stipulates specific procedures and methods such as verification of guarantees, notifications, on-site investigations, public announcements, and objection filings to prevent abuse of the system, including false guarantee documents, in addition to matters delegated by the law.

According to the Special Act and the enforcement decree, from now on, real estate transferred by legal acts such as sales before June 30, 1995, or inherited real estate and real estate without ownership preservation registration can be registered by submitting a guarantee certificate issued by a guarantor and a confirmation issued by the ledger management authority (the special self-governing city mayor, special self-governing province governor, mayor, county governor, or district office head managing the ledger of the relevant real estate) to the registry office without litigation.

A Ministry of Justice official stated, "We expect that the true owners will be able to protect their ownership by registering through a simplified procedure under this Special Act and its enforcement decree."