Temporary Allowance for Transfer Registration of Real Estate Without Ownership Preservation Registration for 2 Years

[Asia Economy Reporter Moon Jiwon] A special law allowing temporary ownership transfer registration for real estate without ownership preservation registration or where actual rights do not match the registry will be implemented temporarily for two years starting from the 5th.

The Ministry of Land, Infrastructure and Transport announced on the 4th that with the enforcement of the Special Act on Real Estate Ownership Transfer Registration (hereinafter referred to as the Real Estate Ownership Transfer Special Act), real estate without ownership preservation registration can also undergo ownership transfer registration through a simplified procedure.

Accordingly, people who have been unable to exercise property rights due to special circumstances preventing ownership preservation registration are expected to receive assistance. Ownership preservation registration is the procedure to register the owner for newly built unregistered real estate for the first time.

This Real Estate Ownership Transfer Special Act applies to 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. It will be enforced for two years from the 5th until August 4, 2022.

Persons wishing to apply for registration under the Real Estate Ownership Transfer Special Act must obtain a certificate from the registry authority managing the ledger of the relevant real estate after receiving a guarantee from five or more guarantors appointed by the mayor, district head, town chief, or township chief. Guarantors include people who have resided for a certain period in the neighborhood or village where the real estate is located, as well as lawyers and judicial scriveners.

Under this law, registration can be completed without filing lawsuits related to the Real Estate Registration Act or ownership disputes. To prevent false registration, on-site investigations, public announcements, and a two-month objection period are established.

However, this law does not apply to real estate currently involved in ownership disputes under litigation. In town and township areas, both land and buildings are applicable, but in city areas, it applies only to farmland or forest land in certain regions.

The Ministry of Land, Infrastructure and Transport has previously operated this law temporarily three times, completing about 11,734 registrations. However, to prevent abuse such as tax evasion or false registration, the special exemptions for fines and penalties applied during the previous three enforcement periods will not be granted during this implementation period.

Son Jongyoung, Director of the Spatial Information System Division at the Ministry of Land, Infrastructure and Transport, said, "This is an opportunity for actual owners of real estate effectively transferred, inherited, or without ownership preservation registration to exercise their property rights," adding, "We will strive to ensure that actual owners receive maximum ownership protection during the two years this law is in effect."