Article 1(Purpose) #
The purpose of this Act is to establish a sound real estate transaction order by providing matters pertaining to special cases relating to real estate registration in order to ensure for registration conforming to actual rights and duties with respect to real estate transactions.
Article 2(Duty to Apply for Registration of Transfer of Ownership) #
(1) A person who concludes a contract for the transfer of real estate shall apply for registration of a transfer of ownership within 60 days from the date prescribed in one of the following subparagraphs: Provided, That the same shall not apply where the contract is cancelled, rescinded, or nullified:
1. Where the parties to the contract bear quid pro quo obligations with each other, the date on which the performance of considerations is complete;
2. Where only one of the parties to the contract bears an obligation, the date on which the contract takes effect.
(2) In cases of paragraph (1), when, after the date provided for in one of the subparagraphs of paragraph (1), the person who concludes a contract for the transfer of real estate as an acquirer desires to reenter into a contract for the transfer of ownership with a third party with respect to such real estate, or to enter into a contract for the transfer of the status as a contracting party to a third party, he or she shall apply for registration of a transfer of ownership in accordance with the contract concluded earlier, before entering into a contract with such third party.
(3) In cases of paragraph (1), when, prior to the date provided for in one of the subparagraphs of paragraph (1), the person who concludes a contract for the transfer of real estate as an acquirer again concludes a contract on the transfer of property with a third party with respect to such real estate, he or she shall apply for a registration of a transfer of ownership in accordance with the contract concluded earlier within 60 days from the date on which the performance of the considerations of the contract concluded earlier is complete, or on which the contract takes effect.
(4) Where the State, a local government, the Korea Land and Housing Corporation, the Korea Water Resources Corporation or the land compartmentalization and rearrangement association (limited to any land compartmentalization and rearrangement association authorized as an implementer of the land compartmentalization and rearrangement project under the Land Compartmentalization and Rearrangement Projects Act prior to May 1, 1999) implements a housing site project under the Housing Site Development Promotion Act, a land compartmentalization and rearrangement project under the Land Compartmentalization and Rearrangement Act or a special area development project under the Industrial Sites and Development Act (limited to the land used for residential facilities) as an implementer of any of such project, if a person who has concluded a contract with respect to taking the transfer of ownership of real property with any of such implementer is unable to register the transfer of the ownership of such real estate due to his or her bankruptcy and other reason similar to such bankruptcy, the provisions of paragraphs (2) and (3) shall not apply to such person as prescribed by Municipal Ordinance of a local government. <Newly Inserted on Mar. 31, 1999; Jan. 21, 2000; Dec. 18, 2012>
(5) A person who concludes a contract with the content of transfer of ownership of real estate, over which registration of preservation of ownership has not been made, shall file an application for the registration of preservation of ownership of real estate, within 60 days from the date prescribed in the following subparagraphs: <Amended on 10580, Apr. 12, 2011>
1. Where he or she concludes a contract without filing an application for the registration of preservation of ownership of real estate, though he or she could have filed an application pursuant to Article 65 of the Registration of Real Estate Act, the date on which such contract is concluded;
2. Where he or she becomes eligible, after concluding a contract, to file an application for registration of preservation of ownership of real estate pursuant to Article 65 of the Registration of Real Estate Act, the date on which he or she becomes eligible to file an application for the registration of preservation of ownership.
[The amended provisions of Article 2 (4) of the Act (No. 5958, Mar. 31, 1999) shall remain effective until June 30, 2000 under Article 3 of the Addenda of that Act]
Article 3(Special Cases concerning Approval Seals of Contracts) #
(1) When applying for registration of ownership transfer for a contract to purchase real estate, the applicant shall submit a contract containing the items in the following subparagraphs and indicating the applicant for the approval seal, to the competent registry office, with the approval seal of the head of a Si (concerning a Si which has set up Gus, the head of a Gu) or the head of a Gun (hereinafter referred to as "head of a Si, etc.") having jurisdiction over the location of real estate, or the person to whom his or her authority was delegated:
1. Parties concerned;
2. Real estate in question;
3. Contract date;
4. Purchase price and matters pertaining to the payment, such as the payment date, or the appraised value and matters pertaining to the adjustment of the difference in the appraised value;
5. When there is a real estate broker, the name of the real estate broker;
6. When terms and conditions or a time limit exist for the contract, such terms and conditions or time limit.
(2) In cases of paragraph (1), when the papers certifying the cause for registration is an enforceable judgement document or a protocol having the same force as the judgement (hereinafter referred to as "judgement document"), the judgement document shall be submitted with the approval seal of paragraph (1).
(3) When the head of a Si, etc. or the person to whom his or her authority was delegated, affixes his or her seal of approval, pursuant to the provisions of paragraph (1) or (2) or Article 4, he or she shall prepare two copies of the contract document or the judgement document, etc., and keep one copy, and send one copy to the Superintendent of the District Tax Office having jurisdiction over the location of the real estate.
(4) Necessary matters with respect to the approval seal of contract documents shall be prescribed by the Supreme Court Regulations.
Article 4(Special Cases concerning Applications for Seals of Approval) #
Where a person who concludes a contract falling under the subparagraphs of Article 2 (1) to transfer ownership of real estate as an acquirer desires to reenter into a contract with a third party on the transfer of ownership, or to enter into a contract on the transfer of the status of a contracting party to a third party, he or she shall obtain an approval seal under Article 3 affixed to the contract concluded earlier.
Article 5(Special Cases concerning Permission) #
(1) Where obtaining permission, approval or consent from an administrative agency for grounds for registration is requested, papers certifying such permission, approval or consent shall be submitted when registration of the transfer of ownership is applied. <Amended on Apr. 12, 2011>
(2) Where it is required that the grounds for registration be reported to administrative agencies, when applying for registration of ownership transfer, papers certifying such report shall be submitted.
Article 6(Prohibition of False Entry of Grounds for Registration) #
No person who is obliged to apply for registration of ownership transfer, as provided for in Article 2 shall make a false entry of the grounds for registration in the registration application form or apply for registration, other than registration of ownership transfer, in applying for such registration.
Article 7 #
Deleted. <Mar. 30, 1995>
Article 8(Penalty Provisions) #
Any person falling under one of the following subparagraphs shall be punished by imprisonment with labor for not more than three years, or a fine not exceeding 100 million won or less:
1. Where he or she violates the provisions of Article 2 (2) or (3) to escape taxation, to obtain profits based on price changes between different current market values, or to avoid restrictions under the statutes regulating changes in rights, such as ownership;
2. Where he or she violates the provisions of Article 6;
3. Deleted. <Mar. 30, 1995>
Article 9(Penalty Provisions) #
Any person falling under one of the following subparagraphs shall be punished by imprisonment with labor for not more than one year, or a fine not exceeding 30 million won:
1. When he or she does not fall under subparagraph 1 of Article 8, but violates the provisions of Article 4;
2. Deleted. <Mar. 30, 1995>
Article 10(Joint Penalty Provisions) #
Where a representative of a juristic person, or an agent, employee or other servant of a juristic person or individual commits an offense under Article 8 or 9 with respect to the business of the juristic person or individual, not only shall such offender be punished accordingly, but also the juristic person or individual shall be punished by a fine under the relevant provisions: Provided, That this shall not apply where such juristic person or individual has not neglected to pay due attention and supervision concerning the relevant business in order to prevent such offense.
[This Article Wholly Amended on Dec. 29, 2009]
Article 11(Administrative Fines) #
(1) Where a person entitled to registration is negligent in applying for registration under the provisions of paragraphs of Article 2 without justifiable grounds, he or she shall be punished by an administrative fine equivalent to an amount not more than five times the amount (in cases falling under Article 13 (2), (3), (6) or (7) of the Local Tax Act, 300/100 of such amount) obtained by applying a tax rate calculated after deducting 20/1,000 (in cases falling under Article 11 (1) 8 of the same Act, a tax rate of 20/1,000) from the standard tax rate (where a separate tax rate is prescribed by Municipal Ordinance pursuant to Article 14 of the same Act, referring to such tax rate) under Article 11 (1) of the same Act to the tax base under Articles 10 and 10-2 through 10-6 of the same Act of the real estate as of the date he or she is negligent: Provided, That where penalty surcharges are imposed pursuant to Article 10 (1) of the Act on the Registration of Real Estate under Actual Title Holder's Name, this shall not apply. <Amended on Mar. 30, 1995; Mar. 31, 2010; Dec. 27, 2010; Jan. 1, 2014; Dec. 28, 2021>
(2) In determining the amount of an administrative fine, as provided for in paragraph (1), the period of negligence, grounds for negligence and the equivalent value of the relevant real estate shall be taken into consideration.
Article 12(Levy and Collection of Administrative Fines) #
(1) The administrative fine under Article 11 shall be imposed and collected by the head of a Si, etc. having jurisdiction over the location of the relevant real estate, as prescribed by Ordinance of the Ministry of the Interior and Safety. <Amended on Mar. 20, 2018>
(2) through (6) Deleted. <Mar. 20, 2018>
(7) Where a registry official deems that any ground to impose an administrative fine pursuant to Article 11 exists, he or she shall promptly notify the head of a Si, etc. having jurisdiction over the location of the relevant real estate. <Amended on Dec. 28, 1998>
(8) Deleted. <Mar. 20, 2018>
(5) Deleted. <Mar. 20, 2018>
(6) Deleted. <Mar. 20, 2018>
(7) Where a registry official deems that any ground to impose an administrative fine pursuant to Article 11 exists, he or she shall promptly notify the head of a Si, etc. having jurisdiction over the location of the relevant real estate. <Amended on Dec. 28, 1998>
(8) Deleted. <Mar. 20, 2018>