Jeju-do 'Including Dong' Real Estate Ownership Transfer Registration Special Measures Act Amendment Passed

[Asia Economy Honam Reporting Headquarters Reporter Park Chang-won] Jeju Special Self-Governing Province announced on the 25th that the amendment to the Special Act on Real Estate Ownership Transfer Registration, which includes administrative city dong (neighborhood) areas as applicable regions, was passed at the National Assembly plenary session on the 24th.

The government is temporarily operating the Special Act on Real Estate Ownership Transfer Registration to allow real estate, whose ownership transfer registration has not been properly completed and thus property rights cannot be exercised, to be registered through an easy procedure.

The operation period is from last month 5th until August 4, 2022.

Under the current law, while all land and buildings in Jeju-do eup (town) and myeon (township) areas are included as applicable, dong areas are excluded, raising issues of fairness.

Accordingly, on July 31, an amendment bill was proposed to apply administrative cities to the same law, and with its passage through the National Assembly, real right holders in administrative city dong areas will be granted the right to register ownership transfer.

The amendment bill, primarily proposed by National Assembly member Wi Seong-gon, will be promulgated and enforced immediately upon the president’s approval after the State Council meeting, without a preparation period.

Jeju Province visited the National Assembly on July 23 to meet with Representative Wi Seong-gon, emphasizing the necessity of the legal amendment and actively requesting support for the passage of the amendment bill.

According to the amended law, Jeju-do dong areas can now be applied to ‘farmland and forest land,’ prompting administrative cities to begin the process of appointing guarantors for dong areas and actively promote the changes.

Applications for ownership transfer registration under the Special Act on Real Estate Ownership require a certificate issued by the administrative city after receiving a guarantee from a guarantor appointed by the eup or myeon head.

Then, after notifying interested parties, conducting on-site investigations, and a two-month public notice period, if there are no objections, the certificate can be issued and submitted to the competent registry office.

In particular, penalties such as fines for delayed registration under the Special Act on Real Estate Registration and sanctions for long-term unregistered persons under the Act on Real Right Holder Registration of Real Estate may be imposed, and in the case of farmland acquisition, a farmland acquisition qualification certificate must be attached.

Furthermore, applications are only possible with guarantees from at least five appointed guarantors, including at least one professional qualified person such as a lawyer or judicial scrivener, and false issuance of certificates or guarantee documents may result in imprisonment from one to ten years or fines ranging from 10 million to 100 million KRW, or both.

Ko Yoon-kwon, Director of the Jeju Province Urban Construction Bureau, said, “With the inclusion of administrative city dong areas as applicable regions, we will do our best to ensure that all eligible residents can benefit.”