Land Act Article 73-1

Where the registration of change on any inherited land or constructional improvement thereon has not been applied for after one year following the inheritance, the competent Special Municipal or County (City) Land Administration Agency shall publicly announce that the inheritors shall apply for the registration of change within three months, and shall notify the inheritors in writing. The competent Land Office may take over the management of the said land and make a detailed statement in tabulated form on the case, if the inheritors fail to apply within the said time limit. But if the applicant is not responsible for the cause of such failure, that time limit shall not be taken into account.The duration of the management referred to in the preceding paragraph shall not be more than 15 years. If the registration of change of the inherited land or constructional improvement still has not been applied for after 15 years, the competent Land Office shall transfer them together with a list to the National Property Administration, Ministry of Finance for public tendering and notify the inheritors in writing. Any inheritor or third party who has unlawfully taken possession of the land shall forfeit his right of possession after sale by tender. If the inherited land or constructional improvements have been under a lease for more than five years, the lease shall not be for more than five years after public tendering.The sale by tender of the land or constructional improvement according to Paragraph two shall be publicly announced for 3 months, and the inheritors, lawful occupants, or other co-owners shall have preferential right to purchase the area occupied by them in the said order. But the preferential right shall be deemed to have been waived if the holder does not express his intention to make the purchase within 30 days of the closure of the sale by tender.A special account shall be set up in the National Treasury to keep the proceeds from the sale by tender, and the inheritor may withdraw his lawful share accordingly. The proceeds, if no inheritor withdraws within 10 years, shall belong to the National Treasury.The National Property Administration, Ministry of Finance shall choose another time to re-tender the land or constructional improvement referred to in Paragraph two, if there is no buyer, or the highest price bid by a buyer is lower than the lowest offer price. The National Property Administration, Ministry of Finance shall consider reducing the offer price for re-tender. The reduction shall not be more than 20 per cent. If a sale by tender fails for the fifth time, then the land or constructional improvement shall be registered as state owned, and the forfeiture of the right of possession, and the limit of duration to the lease provided by the second half of Paragraph two shall, mutatis mutandis, apply. The original obligee may, by furnishing documentary evidence, apply to the National Property Administration, Ministry of Finance for the withdrawal of proceeds according to his lawful share of the inheritance, from the specific account referred to in Paragraph four, within 10 years from the completion of registration. After the claim is proved to be correct by examination, the amount calculated based on the base offering price of the land or constructional improvement at the fifth sale by tender shall be given, if there is no objection filed during the public announcement period.