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THE PROCESS OF A REAL ESTATE PURCHASE IN JAPAN

Updated: Nov 10, 2023

(9 EASY STEPS)

 



1. Contact a Real Estate Agency:

- Look for an English-speaking real estate agency to help you find suitable properties. They can provide valuable advice and assistance throughout the process. Why contract a Real Estate Agency? ● Legal safety ● Documentation translations ● Help to set your priorities - choosing areas, choosing properties ● Determining a budget/house type

2. House Tour&Deciding a Property - Start by looking for rental listings online, through real estate agencies. Schedule viewings for the properties you're interested in. Going on house tours, and understand the market trend, if you are buying for investment.

3. Loan Arrangement - Understanding your bank choices, get to know your interest rates, loan amount, and terms. What are the documents needed to apply for a loan? ● Residence Card

● Income Statement

● Tax Statement

● Insurance Card

After application, you will get a phone call from the Loan Company. 4. Application - If you find a property you like, we will need to submit a letter of intent. This is to inform the seller that you are seriously considering purchasing the property. This is where we do the price negotiations, setting of the contract date, and handover date.

5. Preparing the documents for the contract -When preparing for the contract, we will be checking these points: ● Any old mortgage rights?

● Is the area of land you are buying as big as you thought?

● Are there any broken items on the property?

● Any suicides on the property in the past?

● Is the property near a cemetery, etc.?

- During the preparation of the contract, you will need the following: ● Seal / Signature

● Passport Copy

● Affidavit 6. Signing the contract - A licensed realtor will explain every single word in the

agreement to the buyer to ensure the buyer understands the whole

contract in detail. (According to Japanese law, any real estate sales agreement held

without the presence of a licensed realtor or a 宅地建物取引士 is not valid.)

7. Paying the contract money

- Paying the contract money 5-10% of the price of the property. You have an option to assign a lawyer to receive this amount of payment and act as an intermediate or you can pay directly to the owner. 8. Handover - Confirming the status of the property, doing the final check on the property, and preparing for the final payment. 9. Settling the final payment


- All remaining fees should be settled before the ownership transfer. 10. Ownership Transfer - During the ownership transfer, lawyers and representatives from all parties will be present to finalize the procedure. Once everything is settled, you will receive the keys to the property.

Manu

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