Presidential Decree No. 30888, Aug. 4, 2020
| Article 1 (Purpose) |
| Article 2 (Scope of application) |
| Article 3 (Relationship to other statutes or regulations) |
| Article 4 (Persons eligible for permission for sale) |
| 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 Economy and Finance. |
| 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 Economy and Finance taking into consideration of the period of reclamation and cultivation of the subject land by a person eligible for permission for sale. |
| (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. pursuant to paragraph (1), the head of a |
| (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 |
| 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 pursuant to 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 Economy and Finance. |
| 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 prescribed by Ordinance of the Ministry of Economy and Finance, by specifying the purpose of use of the land to be sold and the period during which it shall be used for such purpose. |
| (2) | If a purchaser uses the land sold pursuant to 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 Economy and Finance. |
| (3) | When the sale price is to be paid in installments pursuant to paragraph (2), interest determined by the Minister of Economy and Finance shall accrue in consideration of the level of interest rates on 1-year term deposits. |
| 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: |
| 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 Economy and Finance; |
| 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 pursuant to 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 prescribed by the Minister of Economy and Finance, in order to ensure the possibility, etc. of expectations in terms of harvest of crops by farmers cultivating perennial crops. |
| (3) | The area of land to be leased per household under paragraph (2) may differ, as determined by the Minister of Economy and Finance taking into consideration the period of reclamation and cultivation of the subject land by persons eligible for permission for lease. |
| (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 period of lease (including the renewal period) of the subject land under Article 10 (1) shall be as determined by the Minister of Economy and Finance within the scope of 20 years; provided, if it is deemed necessary in consideration of the area of the land to be leased, the timing of harvesting by the lessee, etc., the lease agreement may be renewed even if the period of lease exceeds 20 years. |
| (2) | The rent for the subject land shall be calculated by applying |
| (3) | If annual rent is to be paid in installments pursuant to the proviso of paragraph (2), interest determined by the Minister of Economy and Finance shall accrue in consideration of the level of interest rates on 1-year term deposits. |
| Article 12 (Details regarding sale or lease of subject land) |