Special Measures Act on Real Estate Ownership Transfer Registration Enforced for 2 Years
[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Changwon City, Gyeongnam Province, announced on the 5th that it will implement the "Special Act on Real Estate Ownership Transfer Registration, etc." for two years, allowing the actual owners of real estate to register ownership transfer.
This law applies to land and buildings in the eup and myeon areas of Changwon City, targeting real estate that was effectively transferred or inherited through legal acts such as sale, gift, or exchange before June 30, 1995, and for which ownership preservation registration has not been completed.
To apply for registration under this law, applicants must obtain a certificate through the registry authority managing the ledger of the relevant real estate, after receiving a guarantee from five or more guarantors appointed by the eup or myeon chief.
The registry authority will conduct procedures including verification of the guarantee purpose, on-site investigation, notification to interested parties, public announcement, and objection handling. Anyone who issues a false guarantee document may face criminal penalties including imprisonment from one to ten years.
Kim Dong-hwan, Director of the Architecture and Landscape Division of Changwon City, stated, "Taking this law's implementation as an opportunity, cases of unjust applications such as tax evasion or false registration are frequent, so special provisions related to fines and penalties will not be applied. We will strive to ensure that actual owners of real estate, such as those who effectively transferred or inherited property, can receive ownership protection."
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