Hampyeong-gun Imposes Penalty for Violation of the Real Name Real Estate Act

Persons Issued Certificates Under the Real Estate Special Measures Act

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Hampyeong County, Jeonnam announced on the 11th that it will impose fines on those who received a certificate of confirmation during the enforcement period as the 'Special Real Estate Measures Act' will end on August 4.

The subjects of the fines are those who have completed the issuance of the certificate due to causes such as sale, gift, or exchange, excluding inheritance, according to the currently enforced 'Special Real Estate Measures Act.'

The county plans to impose fines up to 20% for cases where the individual publicly announced land price is 500 million KRW or less, in accordance with the 'Act on Real Name Registration of Real Estate' (hereinafter referred to as the 'Real Estate Real Name Act').

A county official stated, "The previously enforced Special Real Estate Measures Act did not include provisions on fines, but relevant provisions have now been newly added," and added, "We ask applicants to pay close attention."

Meanwhile, fines for violations of the 'Real Estate Real Name Act' are imposed on the actual owner who registered their real estate under another person's name and on the actual owner if ownership transfer registration is not completed within three years after acquiring the real estate.