Processes For Buying Properties In Japan

September 7, 2018

·Researching an assortment of options – Here your research should be directly proportionate to your expectations.

o Property type -Apartment or house.

o Land ownership -Freehold or leasehold

o Location-Especially the distance to the train station is very important because in Tokyo usually people commute by trains.

o Building type -Low rise building or tower building.

o Floor level -Ground floor apartment with garden or upper than 2nd floor or even higher floors.

o Age of the building -Especially please notice that the new earthquake code is started from 1981 so if you want to get piece of mind you should choose those built after 1982 or 1983.

· Application to purchase –Filling this form shows the seriousness of the contract as well. You will offer a price to buy the property and explicit if it is a cash buy or you will get mortgage on it. You have to provide you ID and current residential address in this step.

· The agent will execute the important terms of the contract - here all the necessary conditions of the agreement will be taken care of by the agent, and the form is known as the “Explanation of Important Matters.” The documents are all in Japanese but Aonissin will explain the terms in English to you. If you need translated documents, it will cause an extra cost.

· Contract execution – After the owner accepted your offer, we will execute the contract in around one week from the acceptance. It is also a lengthy process of two hours where all the party sit to sign on contract and submitting the deposit amount about 10%.

· Loan if any - You can also opt for loans from the bank if you are a citizen of Japan or married to a Japanese citizen and lived in Japan for many years and have a steady job. In the case of non-resident getting a loan is very difficult.

· Completion of the contract – Here the final step will be taken, and the buyer will transfer the remaining amount to the seller. Once the final settlement is done, the seller will hand over the keys to the other party. Usually this is done by around one month from the Contract Execution step.

Kourin Building 7F, 1-13-19 Kita-Shinjuku
Shinjuku-ku, Tokyo, Japan 169-0073

Phone : 03-5348-4486   |   email : contact@aonissin.com

10:00-19:00 / GMT+9 / MON-9