[Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Gochang-gun, Jeonbuk announced on the 10th that the "Special Act on Real Estate Ownership Transfer Registration, etc. (hereinafter referred to as the Special Act on Real Estate Ownership)" will be fully enforced.
This law was previously implemented three times in 1978, 1993, and 2006, but to resolve restrictions on exercising property rights due to ownership preservation registration not being completed or discrepancies between the registry entries and actual rights, the Special Act on Real Estate Ownership passed the National Assembly in January and has been re-enforced since 2006.
The scope of application includes real estate that was effectively transferred or inherited through legal acts such as sales, gifts, or exchanges before June 30, 1995, and real estate without preservation registration.
The difference from the previously enforced Special Act on Real Estate Ownership is that instead of requiring three guarantors, five guarantors must be obtained, and among them, one must be a qualified guarantor who is a court-appointed judicial scrivener or lawyer.
There are no exclusionary provisions in relation to other laws, so regulations such as farmland acquisition qualification certificates, division permits, penalties for long-term non-registration, and fines for registration negligence apply.
A Gochang-gun official stated, "With the enforcement of the Special Act, we are completing procedures such as appointing guarantors to ensure there are no disruptions in the law's implementation," and added, "We will do our best so that the residents can receive many benefits."
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