[Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Jeonnam Naju City is focusing on promoting applications for the Special Act on Real Estate Ownership Transfer.
According to the city on the 29th, the Special Act on Real Estate Ownership Transfer Registration started on August 5 last year and will be temporarily enforced for two years until August 4 next year.
The application targets are limited to land and buildings in eup and myeon areas, and farmland and forest land in dong areas. The target properties are those that were effectively transferred by legal acts such as sale, gift, or exchange before June 30, 1995, and for which ownership preservation registration has not been made.
However, real estate currently involved in ownership lawsuits is excluded.
The city has so far completed the issuance of confirmation certificates for 428 cases and 586 parcels out of a total of 991 cases and 1,406 parcels.
Citizens wishing to transfer ownership must submit an application form for the issuance of the ownership transfer confirmation certificate to the Citizen Service Division of City Hall, attaching a guarantee letter stamped by five guarantors (including one judicial scrivener) appointed by the mayor of the city, eup, or myeon.
After the application, the person in charge completes an on-site investigation to verify the facts, announces it for two months, and if there are no objections, issues the confirmation certificate.
The applicant can then proceed with the ownership transfer registration procedure at the registry office upon receiving the confirmation certificate.
For real estate transferred by gift or sale, a long-term unregistered penalty of 20-30% of the official land price of the property may be imposed, so applicants should check this in advance before applying.
Kim Inja, head of the Citizen Service Division of Naju City, said, “There is less than one year left to apply for the issuance of the confirmation certificate under the Special Act on Real Estate. We will do our best to promote this to the public so that the Special Act can greatly help citizens exercise their property rights.”
Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong bong2910@asiae.co.kr
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