Regulations for the Auction of Domestic Land and Improvements Acquired by Foreigners That Are Not Used in Accordance with Regulations Article 19

Following bid opening verification, the municipality or country (city) government shall notify the bid winner to make payment in one lump sum within the period stipulated on the auction announcement. The deposit of the bid winner shall be set against the price and not be returned.If the bid winner applies for a loan with a financial institution using the real estate gained through the bid as collateral to pay the marked price, the payment method shall be determined by the municipality or country (city) government.Holders of preferential rights that apply for a loan using the purchased real estate as collateral to pay the marked price, the provisions of the above two items shall apply.