Article 1(Purpose) #
The purpose of this Decree is to prescribe the terms and conditions of sale or lease, such as the scope of sale, persons eligible for permission for sale, payment methods, in cases where land acquired as nationalized property pursuant to Article 20(1) of the Act on Special Measures for Registering Restoration or Preservation of Lands Whose Owners Are Yet to Be Reinstated in Recaptured Areas is sold or leased by means of a negotiated contract pursuant to paragraph (2) of that Article.
Article 2(Scope of application) #
This Decree shall apply to general property (hereinafter referred to as "subject land") among land acquired as nationalized property pursuant to Article 20(1) of the Act on Special Measures for Registering Restoration or Preservation of Lands Whose Owners Are Yet to Be Reinstated in Recaptured Areas (hereinafter referred to as the "Act").
Article 3(Relationship to other statutes or regulations) #
The State Property Act shall apply to matters not prescribed by this Decree with respect to the sale or lease of the relevant subject land, except as provided in this Decree.
Article 4(Persons eligible for permission for sale) #
A person eligible for permission for sale under Article 20(2) of the Act (hereinafter referred to as "person eligible for permission for sale") shall be a person who meets all of the following requirements: <Amended on Dec. 30, 2025>
1. He or she shall be residing within 30 kilometers from the boundary line of the subject land in a straight line as of February 4, 2020;
2. He or she shall be an agricultural business entity that has filed for registration of agricultural business information pursuant to Article 4 of the Act on Fostering and Supporting Agricultural and Fisheries Business Entities (excluding agricultural corporations defined in subparagraph 2 of Article 2 of that Act), which occupies or cultivates the subject land (including lease, loan for use, or entrustment of management; hereinafter the same shall apply) as of February 4, 2020;
3. He or she shall meet any of the following requirements:
a. He or she shall be a native of the recaptured area or a person who has migrated to or settled in the recaptured area before December 31, 1973 in accordance with the national migration policy;
b. He or she shall be a person who has succeeded to the right from a person falling under item a through sale, purchase, donation, inheritance, etc.;
c. He or she shall be a person who does not fall under item a or b and shall have occupied or cultivated the subject land for not less than a certain period (limited to the period before February 4, 2020) determined by the Minister of Finance and Economy.
Article 5(Scope of sale of subject land) #
(1) Land to be sold by means of a negotiated contract pursuant to Article 20(2) of the Act shall be those occupied or cultivated by a person eligible for permission for sale as of February 4, 2020, and the area to be sold shall not exceed 30,000 square meters per household.
(2) The area of land to be sold for each household under paragraph (1) may differ, as determined by the Minister of Finance and Economy taking into consideration of the period of reclamation and cultivation of the subject land by a person eligible for permission for sale. <Amended on Dec. 30, 2025>
(3) The composition of the household of a person subject to permission for sale shall be determined as of February 4, 2020.
Article 6(Procedures for selection of appraisal corporations for determination of sale price) #
(1) If the head of the office of general administration defined in subparagraph 10 of Article 2 of the State Property Act (hereinafter referred to as the "office of general administration") or the head of a central government agency, etc. under subparagraph 11 of that Article (hereinafter referred to as the "head of a central government agency, etc.") intends to determine the sale price, it shall select 2 appraisal corporations, etc. under the Act on Appraisal and Certified Appraisers (hereinafter referred to as "appraisal corporations, etc.") and request them to appraise the relevant subject land.
(2) When the head of the office of general administration or a central government agency, etc. selects an appraisal corporation, etc. in accordance with paragraph (1), the head of a Si/Gun having jurisdiction over the relevant subject land may recommend an appraisal corporation, etc. In such cases, the head of the office of general administration or a central government agency, etc. shall select an appraisal corporation, etc. including the recommended appraisal corporation, etc.
(3) If any of the following grounds arises according to the results of the appraisal conducted pursuant to paragraph (1), the head of the office of general administration or a central government agency, etc. shall select 2 other appraisal corporations, etc. and re-commission the appraisal of the relevant subject land:
1. Where the appraisal is conducted in violation of the relevant statutes or regulations or where the appraisal is conducted unfairly;
2. Where the higher of the appraised values of the subject land exceeds 110 percent of the lower of the appraised values;
3. Where an appraisal corporation, etc. participating in an appraisal has conducted an appraisal in collusion with another appraisal corporation, etc.
(4) Paragraph (2) shall apply mutatis mutandis to the procedures for selecting appraisal corporations, etc. for re-appraisal under paragraph (3).
Article 7(Method for determining sale price) #
(1) The sale price of the subject land shall be determined by means of calculating the arithmetic mean of the amounts appraised or re-appraised by appraisal corporations, etc. selected pursuant to Article 6 in consideration of the market price.
(2) If the subject land is sold to a person who has reclaimed the relevant subject land out of persons eligible for permission for sale or a person who has succeeded to the right through sale, purchase, donation, inheritance, etc. from such person, the amount obtained by deducting the amount equivalent to the reclamation cost calculated in accordance with paragraph (1) from the sale price may become the sale price. The method of calculating the amount equivalent to the reclamation cost to be deducted in such cases shall be determined by the Minister of Finance and Economy. <Amended on Dec. 30, 2025>
Article 8(Restrictions on sale or exchange) #
(1) If the head of the office of general administration or a central government agency, etc. intends to sell the subject land to a person subject to permission for sale, it may sell the land to the purchaser, as determined by the Minister of Finance and Economy, by specifying the purpose of use of the land to be sold and the period during which it shall be used for such purpose. <Amended on Dec. 30, 2025>
(2) If a purchaser uses the land sold in accordance with paragraph (1) for any other purpose during the designated period or transfers his or her right to a third party through sale, exchange, etc. (excluding inheritance), the head of the office of general administration or a central government agency, etc. may cancel the agreement on the sale and purchase of the relevant subject land (hereinafter referred to as "sale and purchase agreement").
Article 9(Methods of payment of sale price) #
(1) The purchaser of the subject land shall pay the full amount of the sale price in a lump sum within 60 days from the date of concluding the sale and purchase agreement; provided, if an accident not attributable to the purchaser occurs due to a disaster defined in subparagraph 1 of Article 3 of the Framework Act on the Management of Disasters and Safety, the payment deadline may be extended.
(2) Where it is deemed impracticable to pay the full amount of the sale price in a lump sum, the head of the office of general administration or a central government agency, etc. may, upon request of the purchaser, allow the purchaser to pay the sale price in installments for a period of up to 10 years, as determined by the Minister of Finance and Economy. <Amended on Dec. 30, 2025>
(3) When the sale price is to be paid in installments in accordance with paragraph (2), interest determined by the Minister of Finance and Economy shall accrue in consideration of the level of interest rates on 1-year term deposits. <Amended on Dec. 30, 2025>
Article 10(Scope of lease of subject land) #
(1) The head of the office of general administration or a central government agency, etc. may lease land not sold to a person eligible for permission for sale, among the subject land, to a person who meets all the following requirements (including a person eligible for permission for sale; hereinafter referred to as "person eligible for permission for lease") by means of a negotiated contract: <Amended on Dec. 30, 2025>
1. He or she shall be a person who has cultivated the relevant subject land for at least a certain period (limited to the period before February 4, 2020) determined by the Minister of Finance and Economy;
2. He or she shall be a person who cultivates the relevant subject land as of February 4, 2020.
(2) The area of land to be leased in accordance with paragraph (1) shall not exceed 60,000 square meters per household; provided, the limit on the area of land to be leased per household may not be restricted, as determined by the Minister of Finance and Economy, in order to ensure the possibility, etc. of expectations in terms of harvest of crops by farmers cultivating perennial crops. <Amended on Dec. 30, 2025>
(3) The area of land to be leased per household under paragraph (2) may differ, as determined by the Minister of Finance and Economy taking into consideration the period of reclamation and cultivation of the subject land by persons eligible for permission for lease. <Amended on Dec. 30, 2025>
(4) The composition of a household of a person eligible for permission for lease shall be determined as of February 4, 2020.
Article 11(Period of lease and rent payment methods) #
(1) The area of land to be leased per household under paragraph (2) may differ, as determined by the Minister of Finance and Economy taking into consideration the period of reclamation and cultivation of the subject land by persons eligible for permission for lease. <Amended on Dec. 30, 2025>
(2) The rent for the subject land shall be calculated by applying mutatis mutandis Article 29(1) through (6) of the Enforcement Decree of the State Property Act, and the annual rent shall be paid in advance within 60 days from the date the lease agreement is concluded; provided, if the annual rent exceeds 500,000 won, it may be paid in installments up to 6 times a year.
(3) If annual rent is to be paid in installments in accordance with the proviso of paragraph (2), interest determined by the Minister of Finance and Economy shall accrue in consideration of the level of interest rates on 1-year term deposits. <Amended on Dec. 30, 2025>
Article 12(Details regarding sale or lease of subject land) #
Details and conditions necessary for the sale or lease of subject land under this Decree shall be determined by the Minister of Finance and Economy. <Amended on Dec. 30, 2025>