Hamyang-gun Urges to "Apply Quickly" for the Real Estate Special Measures Act

Applications close by August 4... Registration deadline is February 6 next year

Hamyang County Office building exterior view

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hamyang-gun, Gyeongnam Province, urged residents to promptly apply as the Special Measures Act on Real Estate Ownership Transfer Registration will end on August 4.

The Special Measures Act is a special law temporarily enforced for two years from August 5, 2020, to August 4 this year. It targets real estate registered in land and forest registers and building registers that were effectively transferred through acquisition causes such as sale, gift, inheritance, or exchange before June 30, 1995, and real estate without ownership preservation registration. Real estate involved in ongoing ownership-related lawsuits is excluded.

Applicants must submit a guarantee letter from at least five guarantors (including one lawyer or judicial scrivener) appointed by Hamyang-gun to the Civil Service Department.

After a two-month public notice period, if there are no objections from interested parties, a confirmation certificate can be issued, allowing the applicant to apply for registration at the responsible registry office. If applied within the deadline, registration is possible until February 6 next year.

However, since the Special Measures Act does not exclude the application of other laws, penalties or fines may be imposed under Article 10 of the Special Measures Act for Real Estate Actual Owners and Article 11 of the Special Measures Act on Real Estate Registration.

So far, applications under the Special Measures Act have reached about 3,374 land parcels and 240 buildings, with confirmation certificates issued for about 2,162 land parcels and 135 buildings (as of the end of May 2022).

A county official said, “As this Special Measures Act on Real Estate is being enforced for the first time in 14 years since 2006, residents are showing great interest,” and added, “Residents who have had difficulties exercising property rights due to failure to transfer registration for various reasons are encouraged to take this opportunity to register without omission, which will greatly help in exercising property rights.”