Legal Update: Enforcement Decree to the Real Estate Registration Act
Posted on September 10, 2018
The Enforcement Decree to the Real Estate Registration Act (“ED-RERA”) was amended on August 31, 2018, which will take effect on January 1, 2019. This article provides a summary of the amendment applicable to foreign persons and Korean nationals residing abroad.
Certificate of Seal Imprint in General
In order to have a disposition of real estate registered in the Real Estate Register, an original copy of the Certificate of Seal Imprint (“CSI”) issued for the purpose of the disposition, among other documents, must be submitted to a competent Registry Office. In this case, the same seal is required to be stamped on an application for registration of the disposition or on a power of attorney (“POA”) drawn up for either disposition itself or registration of the disposition.
Notarization of POA in Case of Foreign Persons
Starting from January 1, 2019, a foreign person residing abroad whose country does not have a seal certification system will be allowed to submit a POA notarized before a Korean-licensed notary (including a Korea notary consular officer located in the foreign country) in lieu of an original copy of the CSI. By way of such notarization, the act of signing or sealing a POA is witnessed by a Korean notary, and therefore the authenticity of the foreign person’s signature or seal is certified in that way without having to go through the Apostille procedure. Currently, a POA notarized by a foreign government or a public notary in the country is accepted by a competent Registry Office only if the notarized POA has been additionally certified by the Apostille in the foreign country.
Notarization of POA in Case of Korean Nationals Abroad
Starting from January 1, 2019, a Korean national residing in a foreign country will be also allowed to submit a POA notarized before a Korean-licensed notary (including a Korea notary consular officer in the foreign country) in lieu of an original copy of the CSI. This will eliminate the difficulty for Korean nationals abroad to obtain an original copy of the CSI for the purpose of disposition of real estate.
Attorney-in-Fact’s Certificate of Seal Imprint
The Registry Offices, in practice, require an original copy of the CSI of an attorney-in-fact if a disposition of real estate has been made by the attorney-in-fact pursuant to a POA. In this respect, the foregoing requirement is now explicitly provided in the amended ED-RERA for certain disposition of real estate, including change in ownership or removal of provisional registration of real estate, to be registered in the Real Estate Register.
If you have any questions about the foregoing or any related matters, please complete and send the form below: