The revisions would, inter alia,:
1. Give authority to the Ministry of Land, Infrastructure and Transport (“MLIT”) to select a agency of real estate experts (“Agency of Experts”) to verify private ratings. The specifics of this Agency of Experts scheme would be designated by a President Decree. The purpose of the revision is to have an analysis by a true “neutral.” As in most cases, the devil may be in the details.
2. Officially recognize the practice of the MLIT of delegating responsibilities to local Korean governments. These delegated responsibilities include issuing real estate registration certificates.
We will update the reader if the law passes.
Sean Hayes may be contacted at: SeanHayes@ipglegal.com.
Sean Hayes is co-chair of the Korea Practice Team and Entertainment Law Team at IPG Legal. He is first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.
- Proposed Amendment to Real Estate Development Business Act of Korea: Rating of Real Estate Development Projects
- Korean Real Estate Acquisition Taxes for Purchase of Real Estate in Korea
- Can Foreigners buy Real Property in Korea? Korean Real Estate Law for Non-Korean Residents and Non-Residents
- Renouncing an Estate/Inheritance under Korean Law
- Korea’s Real Name Transaction Act Strengthened: Korea’s Banking Law Basics
- Korea Enhances its Scope of Eligible Persons under the Framework Act on International Development Cooperation: Korean Aide to Developing Countries
- Weekly Korean Legal News from International Law Firm – IPG Legal
- So you Want to Start a Partnership/Joint Venture in Korea?
- Korean Small Business Partnerships/Joint Venture Startups
- Tax Breaks for Korean Landlords: Real Estate Taxation Basics
You must log in to post a comment.