The terms used in this Chapter shall be defined as follows: <Amended by Act No. 16104, Dec. 31, 2018; Jun. 9, 2020; Aug. 18, 2020; Dec. 29, 2020; Dec. 8, 2021>
1. The term "transfer" means to convey an asset to another person in return for valuable consideration, through sale, exchange, investment in kind to a corporation, etc., regardless whether the asset is registered or recorded in official records. In such cases, the amount of debt incurred by the donee in the event of a gift of encumbered property prescribed by Presidential Decree shall be deemed transferred, but none of the following cases shall be deemed transferred:(a) Where the category of land or the lot number is changed due to replotting or a parcel of land is reserved as a reserved land area under the Urban Development Act or any other Act;(b) Where a parcel of land is exchanged with another parcel of land according to any of the methods and procedures prescribed by Presidential Decree, such as the partition of land under Article 79 of the Act on the Establishment, Management, etc. of Spatial Data, in order to change the boundaries of land;(c) Where a trust is established on the assets of the trustor, and the ownership of the trust property is transferred to the trustee through a fiduciary relationship between the trustor and the trustee, in which case the trustor can be considered to have actual control and possession of the trust property, including the ability to terminate the trust or change the beneficiary;
2. The term "stocks, etc." means equity securities as defined in Article 4 (4) of the Financial Investment Services and Capital Markets Act (the proviso of Article 4 (1) of the same Act shall not apply; and collective investment securities as defined in Article 9 (21) of the same Act, as prescribed by Presidential Decree, shall be excluded therefrom), depository receipts as defined in Article 4 (8) of the same Act that display rights related to equity securities, and equity interests;
3. Deleted; <Dec. 29, 2020>;
4. Deleted; <Dec. 29, 2020>;
5. The term "actual trading price" means the price at which a transfer and a transferee trade an asset at the time of the transfer or acquisition of the asset, which constitutes an amount of money and the value of other conveyed assets as the price for the transferred or acquired asset;
6. The term "one household" means a family unit composed of a resident, his/her spouse(including the person who legally divorced the resident but has relationship with that resident in which they can not be deemed actually divorced, such as sharing livelihood; hereinafter the same shall apply in this subparagraph), the persons who make a living together at the same domicile or place of residence with them (referring to lineal ascendants and descendants (including their spouses) and siblings of a resident and of his/her spouse, including the persons who moved temporarily out from the original domicile or place of residence due to schooling, medical care of a disease, or circumstances of work or business): Provided, That a family unit without a spouse shall be deemed one household in the cases specified by Presidential Decree;
7. The term "house" means a building actually used for dwelling, regardless of whether permission is granted or not, or the purpose of use according to official records. In such cases, when the purpose of use is unclear, the purpose of use shall be determined according to official records;
8. The term "farmland" means land actually used for farming as paddies, fields, or orchards, irrespective of the category of land in the official cadastral register. In such cases, land used for farmer's huts, compost depots, pumping stations, water reservoirs, farm roads, irrigation ditches, etc. directly required for managing farmland shall be included;
9. The term "right to acquire a house as an association member" means the status of being selected as an occupant as a result of the authorization of a management and disposal plan under Article 74 of the Act on the Improvement of Urban Areas and Residential Environments or the authorization of a project implementation plan under Article 29 of the Act on Special Cases concerning Unoccupied House or Small-Scale Housing Improvement. In such casse, it is limited to those acquired as a member (including those acquired from such a member) of a improvement project association that implements a reconstruction or redevelopment project under the Act on the Improvement of Urban Areas and Residential Environments, an autonomous housing improvement project, a housing improvement project in a city block, a small-scale reconstruction project, or a small-scale redevelopment project as defined in the Act on Special Cases concerning Unoccupied House or Small-Scale Housing Improvement (in the case of a resident’s consensus body organized under Article 22 of the same Act, it refers to the owner of land or other property as defined in subparagraph 6 of Article 2 of the same Act), and includes the land attached thereto;
10. The term “right to buy a house” means the status of being selected as a person to be supplied with housing through a housing supply contract in accordance with the Housing Act or other Acts prescribed by Presidential Decree (including the acquisition of such status by means of sale, donation, etc.).[This Article Wholly Amended by Act No. 14389, Dec. 20, 2016][Enforcement Date: Jan. 1, 2025] Subparagraphs 2, 3 and 4 of Article 88