Hwasun-gun Urges to Hurry Up with Real Estate Special Act Applications

[Hwasun=Asia Economy Honam Reporting Headquarters Reporter Kim Ji-woon] Jeonnam Hwasun-gun urged residents on the 8th to hurry up and apply within the deadline as the "Special Act on Real Estate Ownership Transfer Registration, etc." (hereinafter referred to as the Real Estate Special Act) will end on the 4th of next month.

The Real Estate Special Act applies to real estate that was effectively transferred through legal acts such as inheritance, sale, gift, or exchange before June 30, 1995, and for which ownership preservation registration has not been completed.

Applications can be made by submitting a guarantee letter bearing the seals of five or more guarantors (including one qualified guarantor) appointed by the head of the town or township where the real estate is located, along with the application for issuance of a confirmation certificate.

If there are no objections from interested parties during the two-month public notice period, applicants can receive the confirmation certificate and apply for registration at the Hwasun Registry Office by February 6 of next year.

However, if registration was made through sale or gift, a long-term unregistered penalty amounting to 20% to 30% of the real estate appraisal value (officially announced land price) may be imposed.

In the case of farmland, registration is only possible if a farmland acquisition qualification certificate is attached, so applicants must check this in advance before applying.

A county official said, "It is uncertain when the Real Estate Special Act will be implemented again," and added, "Since the implementation period is running out, please hurry to apply."

Hwasun=Asia Economy Honam Reporting Headquarters Reporter Kim Ji-woon baekok@asiae.co.kr