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Chapter III The Public Auction Procedure of an Impartial Third Party
Section 1 An Entrusted Auction
Article 11
An agreement concerning an entrusted auction should be made in writing, and it should at least indicate the following:
1.The creditor;
2.The order of priority of the mortgage;
3.The kind of executive title;
4.Expenses in obtaining the executive title;
5.The actual amount of the debt;
6.The target of the entrusted auction;
7.The method of auction;
8.Auction expenses
Article 12
After being entrusted to handle the auction of real estate, an impartial third party should request the real estate registration agency to make a note under "Other Registration Matters" in the ownership part of the registration book that "the real estate is being auctioned by an impartial third party".
In case an entrusted auction is terminated or something occurs that makes the auction no longer necessary, the impartial third party should advise the real estate registration agency within seven days thereafter to remove the above-mentioned note.