Jeongeup-si "Hurry to Apply for the Real Estate Special Measures Act"

[Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Jeongeup City in Jeonbuk announced on the 1st that the Special Act on the Transfer Registration of Real Estate Ownership, etc. will end on the 4th.

The Special Act is a system that allows the actual owner to register real estate that does not have ownership preservation registration or whose registry entries do not match the actual rights relationship through a simplified procedure.

The scope of application includes real estate that was effectively transferred by legal acts such as sale, gift, or exchange before June 30, 1995, inherited real estate, and real estate without ownership preservation registration.

In eup and myeon areas, all land and buildings are eligible, while in dong areas, farmland and forest land (excluding buildings) and graveyards are subject. However, real estate involved in ongoing litigation regarding ownership attribution is excluded.

Applications can be made by obtaining a guarantee letter from five or more guarantors appointed by dong or ri, including at least one lawyer or judicial scrivener, and submitting it to the General Civil Affairs Division of the City Hall.

In particular, the number of guarantors has been increased from three to five, and among them, at least one must be a qualified guarantor with the qualification of a judicial scrivener or lawyer, strengthening the guarantee procedure for ownership transfer.

The city will verify the purpose of issuing the guarantee letter, conduct an on-site investigation to confirm the facts, make a public announcement, and if there are no objections, issue a confirmation letter to the applicant.

The applicant can then apply for ownership transfer (preservation) registration at the registry office by attaching the issued confirmation letter.

Mayor Lee Hak-su said, “Since the purpose of this law was to protect the ownership of the true rights holder by enabling ownership transfer through a simple procedure, we will do our best to notify the public of the application for confirmation issuance and the fact of application during the remaining period.”

Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil baekok@asiae.co.kr