Living
The Buying Process
First you need to submit a purchasing application to the selling party. This opens your negotiations.
Legal issues regarding the property, method of payment, contract signing and closure dates are explained and reviewed with you by a real estate agent.
On the contract signing day, the legal details of the property and the payment schedule is once again reviewed with you by the real estate agent. You then sign and stamp the contract with your inkan. At this point, you pay a deposit to the seller (usually about 10% of the value), and any commission fees to the real estate agent.
Apply for a mortgage, which must be approved and completed by the contract closing date. If you are rejected, the deposit and commission may be refundable.
Once your loan is approved, you will need to pay off any remaining fees, for which you will get a receipt. This includes the price of the sale, the agent’s commission, and any taxes incurred.
A shihoshoshi lawyer then prepares all the registration documents, confirms the transaction with a legal bureau, pays the registration fee and gets a receipt.
The seller will then give you the keys, and the shihoshoshi will prepare and hand over the deed in your name.
If you pull out of the negotiations between the contract signing day and the contract closing day, you are usually required to pay the seller another 10% on the value of the property as penalty. Agent commissions are set by the government at 3.15% of the value of the property, plus ¥63,000.
Legal issues regarding the property, method of payment, contract signing and closure dates are explained and reviewed with you by a real estate agent.
On the contract signing day, the legal details of the property and the payment schedule is once again reviewed with you by the real estate agent. You then sign and stamp the contract with your inkan. At this point, you pay a deposit to the seller (usually about 10% of the value), and any commission fees to the real estate agent.
Apply for a mortgage, which must be approved and completed by the contract closing date. If you are rejected, the deposit and commission may be refundable.
Once your loan is approved, you will need to pay off any remaining fees, for which you will get a receipt. This includes the price of the sale, the agent’s commission, and any taxes incurred.
A shihoshoshi lawyer then prepares all the registration documents, confirms the transaction with a legal bureau, pays the registration fee and gets a receipt.
The seller will then give you the keys, and the shihoshoshi will prepare and hand over the deed in your name.
If you pull out of the negotiations between the contract signing day and the contract closing day, you are usually required to pay the seller another 10% on the value of the property as penalty. Agent commissions are set by the government at 3.15% of the value of the property, plus ¥63,000.
