Gokseong-gun, Hurry to Apply for Registration under the Special Real Estate Measures Act

Real Estate Special Act Scheduled to End on August 4, Hurry for Simple Registration

[Gokseong=Asia Economy Honam Reporting Headquarters, Reporter Cha Jong-sun] Jeonnam Gokseong-gun (Governor Lee Sang-cheol) urged residents to hasten their applications for simplified registration under the Special Act on Real Estate Registration.

The "Special Act on Real Estate Ownership Transfer Registration, etc. (hereinafter referred to as the 'Special Real Estate Act')" is a law that allows real estate without ownership preservation registration or whose registry entries do not match the actual rights to be newly registered through a simplified procedure.

It has been temporarily enforced for two years since August 2020, and the special law will expire on August 4 of this year.

Accordingly, those eligible under the Special Real Estate Act are advised to apply for registration without missing the deadline.

The Special Real Estate Act applies to land and buildings that were effectively transferred by sale, gift, exchange, inheritance, etc., before June 30, 1995, or those without ownership preservation registration.

To apply, applicants must submit a guarantee letter and confirmation letter stamped by four guarantors appointed by the town or township head and one qualified guarantor (judicial scrivener), along with the application form and supporting documents, to the Gokseong-gun Civil Service Office.

However, unlike the Special Real Estate Act of 2006, applicants must pay the fee to the qualified guarantor out of pocket this time.

Also, long-term unregistered owners should note that they may be subject to a penalty surcharge (up to 30% of the real estate appraisal value).

A county official said, "Many people have experienced inconvenience in exercising property rights due to failure to register ownership transfer for various reasons. We hope that everyone will apply for registration during the enforcement period of the Special Real Estate Act to greatly assist in exercising their property rights."

Gokseong=Asia Economy Honam Reporting Headquarters, Reporter Cha Jong-sun hss79@asiae.co.kr

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