A construction partnership agreement arises as a response to a social need created by land scarcity in urban areas, whereby the landowner and the developer join forces to erect a building. The landowner's contribution consists of the land, while the developer's contribution is the building that he undertakes to construct. However, the point at which ownership of each of these contributions vests in the parties has not been independently addressed in legal doctrine.

The present article, employing an analytical-descriptive method, examines the timing of the transfer of ownership of both the land and the building within these agreements. With respect to the land, it is argued that the mere conclusion of the contract does not operate to transfer ownership to the developer; rather, his ownership of the land materialises upon the construction of the building, in accordance with the Apartment Ownership Act (Article 10). As regards the building, the basis for the acquisition of ownership is found in an implied condition of gradual transfer, whereby—consistent with customary practice and the parties' intention—ownership passes incrementally to the developer as construction progresses. Nevertheless, the parties may, by express agreement, defer the timing of the transfer of ownership to a specific stage (e.g., completion of the project). Finally, an examination of the approach adopted in the Act on Mandatory Registration of Real Estate Transactions demonstrates that, despite its emphasis on mandatory registration of contracts and the introduction of a unique identifier system, the Act is merely procedural and protective in nature, and does not purport to alter the substantive rules governing the timing of ownership transfer; rather, its primary objectives are clarification, prevention of conflicting transactions, and protection of pre-purchasers' rights.