Real estate registration is a system that publicly records information about the ownership and rights of real estate. This procedure is conducted when land or buildings are bought, sold, inherited, or when an address change occurs. Below are some key points regarding real estate registration.
■Purpose of Real Estate Registration■
The purpose of real estate registration is to publicly disclose information about the ownership and rights related to real estate, thereby protecting ownership rights and ensuring transaction safety. Specifically, the following information is recorded in the registry:
- Location of the real estate
- Owner’s name
- Rights associated with the property (ownership, surface rights, mortgage, etc.)
By registering, property owners can legally assert their ownership rights against third parties. For example, in the event of a sale or inheritance, the new owner will be legally recognized as the official owner by registering the property in their name.
■Registration Costs■
When purchasing real estate, there are costs associated with registration. These costs cover the transfer of ownership or the establishment of a new owner, and it is common to hire a judicial scrivener to handle the procedure. The registration costs include the scrivener’s fee and registration and license tax (a tax paid for registration).
- Judicial Scrivener Fee: The fee paid to the judicial scrivener for handling the registration procedure.
- Registration and License Tax: The tax paid to the government for registering the change in ownership or establishing rights.
■Certificate of Registered Matters■
A “Certificate of Registered Matters” is a document that reflects the contents of the real estate registry and can be obtained by requesting it from the Legal Affairs Bureau. This certificate includes detailed information about the owner and the rights associated with the property, and is required for real estate transactions or when applying for loans.
Due to the amendment of the Real Estate Registration Act in 2021, investors are now required to update their registrations in cases of changes to their address or name. This is especially important for investors who own multiple properties. Below are key points for investors to be aware of.
■Impact on Investors■
- If your address or name changes, you are required to update the registration within two years.
- If these changes have already occurred, you must complete the registration change by March 31, 2028.
SeaHome provides support to ensure that the registration process is completed smoothly by helping investors consult with judicial scriveners or administrative scriveners.
