(1) Where an application is filed for permission as to a land transaction contract under Article 11 (1) and where the State, local governments, the Korean Land and Housing Corporation, and other public institutions or organizations prescribed by Presidential Decree intend to purchase any of the following land, the head of a Si/Gun/Gu may designate an entity from among them to purchase the relevant land (hereinafter referred to as "advance-sale purchaser"), and require such entity to purchase the relevant land after consultation:
1. Land for public works projects;
2. Land acquired subject to permission for a land transaction contract under Article 11 (1), which is not used according to the objective of such use.
(2) Where an application is filed for permission for a land transaction contract for the land falling under any subparagraph of paragraph (1), the head of a Si/Gun/Gu shall designate an advance-sale purchaser within one month from the date such application is filed and notify the landowner thereof, and the advance-sale purchaser shall complete the advance sale consultation with the relevant landowner within one month from the date he or she is notified of the designation, as prescribed by Presidential Decree.
(3) Where an advance-sale purchaser purchases land under paragraphs (1) and (2), the price of such land shall be based on the prices appraised and assessed by any appraisal corporation, etc. pursuant to the Act on Appraisal and Certified Appraisers and where the price stated in an application form for permission for a land transaction contract is lower than the appraised price, it may be at the price stated in the application form for permission. <Amended on Aug. 20, 2019; Apr. 7, 2020>
(4) Where an advance-sale consultation referred to in paragraph (2) fails to reach agreement, the head of a Si/Gun/Gu shall, without delay, decide on whether to grant permission, and notify the applicant thereof.