“This law”—namely, the law affecting real estate—“has been taken up before all others, because, despite the fact that in the present economic condition of the country immovables form the most important object of ownership, Korea as yet possesses no law of any real efficiency to protect rights relating to real property. For instance, in selling and buying a piece of land or in mortgaging it, the parties concerned have nothing to go by but to follow the old custom of handing over and receiving the _bunki_, or title deeds, which are generally in the form of a file of documents vouchsafing the transaction. It so happens that the country is now flooded with forged _bunkis_, and there is really no security for property. For this reason, in July last (1906) the Resident-General caused the Korean Government to institute a Real Property Law Investigation Commission, and urged the investigation of established customs and usages pertaining to immovables, with a view to drafting with the utmost despatch a law of real property of a simple and concise character. The Commission made rapid progress in its work, and in consequence of this the Land and Buildings Certification Regulations (Imperial Ordinance) and the Detailed Rules of operation thereof (Justice Department Ordinance) were promulgated respectively on the 31st of October and the 7th of November following. According to the Regulations, in the case of transfer of land lots and buildings by sale, exchange, or gift, and in that of mortgaging them, the contracts are certified to by a _Kun_ magistrate or _Pu_ prefect; and a contract thus certified constitutes a full legal document, by virtue of which the transfer may be validly carried out without decisions of any law court. When, however, one of the parties to the contract happens to be an alien, not a Korean subject, the document needs to be additionally examined and certified to by a Resident, otherwise the document is lacking in legal efficacy. When neither of the parties are Korean subjects, certification by a Resident alone is sufficient. Simple as the law is, its effect is far-reaching. To give an instance, originally treaties with Korea took cognizance of a foreigner’s right to possess land only within the settlements and one _ri_ zone around them, and hitherto all foreigners have experienced considerable difficulty in securing landed property in the interior of the country; but now, the above Regulations recognize the right of foreigners to possess land in the interior, and the result of their promulgation is the practical opening of the whole empire to foreigners.