Sub-section II. Terms of sale

430. (Valuation)
1. The execution court shall appoint a valuer and order a valuation of the immovable, based on examination of its configuration, occupancy and other existing circumstances.

2. The valuer must obtain the permission of the execution court in order to request the assistance of the bailiff pursuant to Paragraph 2 of Article 338 (Ensuring performance of duties by bailiffs, etc.)

3. When carrying out an examination for the purpose of valuation, the valuer may enter the immovable, question the debtor in execution or other third party in possession thereof and/or request the presentation of documents by said persons.

4. A bailiff whose assistance has been requested by a valuer under Paragraph 2 of Article 338 (Ensuring performance of duties by bailiffs, etc.) may take the necessary measures to open locked doors if required in cases where the valuer enters immovable pursuant to Paragraph 3.

5. The valuer shall report in writing to the execution court the results of examination of the immovable and its valuation.

431. (Rights which remain in existence after sale and rights which are extinguished)

1. Real security interests, usufructuary real rights and leases on the immovable that can be asserted against attachment by the creditor in execution shall remain in effect after sale.

2. Interests in the immovable other than those prescribed in Paragraph 1 shall be extinguished by sale.

3. Any attachment, execution of provisional attachment or provisional disposition relating to the immovable which cannot be asserted against the creditor in execution or provisional attachment creditor will lapse upon sale.

4. If an interested person gives notice by the time of the fixing of the minimum sale price [to the execution court] that an agreement deviating from the provisions of Paragraphs 1 and 2 has been made, such agreement shall govern all changes in interests in the immovable arising from the sale.

432. (Determination of minimum sale price, etc.)
1. The execution court shall determine the minimum sale price on the basis of the valuation by the valuer.

2. Where it deems necessary, the execution court may change the minimum sale price.

433. (Sale of immovable as undivided whole)
The execution court may decide to conduct a sale of a number of immovable properties as undivided whole, if it deems reasonable to have the same purchaser to purchase them together in light of mutual use of such properties, even if the properties have different creditors in execution or debtors in execution, provided that if the whole of the claims of the creditors in execution and execution costs are likely to be satisfied by the minimum sale price of a portion of the properties for which a ruling of commencement of compulsory sale has been made on the basis of a single motion, this provision shall apply only in cases where the debtor, or debtors, as the case may be, consents or consent.

434. (Specifications of property)
1. The execution court shall draw up specifications and keep a copy of such specifications together with the valuer’s valuation report available for public inspection at the court. The specifications shall include following items:

(a) a description of the immovable; and
(b) interests in the land that will remain in force after sale in accordance with Article 431 (Rights which remain in existence after sale and rights which are extinguished) Paragraph 1 and execution of provisional disposition that will not lapse upon sale.

2. The execution court may, if it deems necessary in order to prepare the specification provided in the Paragraph 1, order a bailiff to examine configuration, occupancy, structures of a building(s) in case a building(s) exist or subject matter of the execution is a building, and other existing circumstances, and to report the results of the examination in writing.

3. A bailiff has the same authority as that of a valuer provided in the Paragraph 3 of Article 430 (Valuation) when the bailiff examines the existing conditions of the immovable property according to the order provided in the Paragraph 2.

435. (Measures to be taken if there is likely to be a deficit)
1. If the execution court finds that that a surplus is unlikely to arise after paying the procedural costs out of the minimum sale price of the immovable, the court shall notify the creditor in execution to this effect.

2. The execution court must cancel the compulsory sale proceedings based on the motion of the execution creditor when the execution creditor fails to perform the following actions:

(a) to make an offer [to the execution court] to buy him/herself in a fixed amount if there is no offer to purchase [by any other person] that reaches the said fixed amount, provided that the offer must be made within a week after receiving the notice described in Paragraph 1, and the said fixed amount must exceed the estimated amount of procedural costs; and (b) to provide a guarantee in the amount offered.