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Procedure to purchase real estate properties in Japan |
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1. Inquiry
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Tell us about your ideal property in terms of location, size, layout, budget, special features, etc.)
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2. Consultation
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Please consult with us about how you wish to finance the purchase.
We provide information about obtaining mortgages and the best ‘fit' for you depending on your circumstances.
This saves your precious time by being realistic as to the range of properties that you will be able to purchase.
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3. On-site Tour
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We strongly recommend that you take an on-site tour of the property. We will arrange an on-site tour at your earliest convenience.
We also recommend you check the property during the day and at night. |
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4. Purchase Application
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When the buyer has made a final decision on the property, the buyer must submit a "Purchase Application" for the
property. The price and conditions of the sale are also negotiated at this time. |
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5. Explanation of Important Matters (Jyuyojiko Setsumei)
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Before concluding the agreement, the buyer will receive the "Explanation of Important Matters" which contains the
details of the property information obtained by our registered real estate transaction manager.
It is the duty of the real estate company to the buyer to conclude the agreement in Japan.
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6. Conclusion of Agreement
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After reaching an agreement, both buyer and seller will seal the contract. |
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In situations where the buyer needs to get a mortgage for the purchase,
the contract for the purchase will include an "Arrangement for mortgage " contract.
If the buyer is unable to secure the mortgage, there will be no penalty to cancel the purchase contract.
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＜Requirements / Fees＞
・Down payment (current rate is about 10% of the price ),
・Seal
・Stamp Duty (depending on the price)
・Agent commission = (the price x 3% + 60,000yen) + Consumption Tax
* The buyer is also required to pay agent commission in Japan
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7. Mortgage Application
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One of the many benefits of working with our company is our history of assisting foreign clients,
including those without permanent residency, in acquiring the best finance packages through
our contacts with various banks.
There is no banking fee for "Mibu" |
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＜ Requirements / Fees＞
・Withholding tax sources,
・Notices for tax certificate,
・Legal Certification of Residence,
・Copy of Alien Registration,
・Tax Return,
・Payment of taxes certificate
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8. Mortgage Approval
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It takes approximately two weeks depending on the bank's acceptance of the mortgage application. |
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9. Payment of Remaining Balance
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| We will assist the client in arranging the mortgage contract with the bank for the remaining balance. |
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＜ Requirements / Fees＞
Requirements depend on the bank involved. (Legal Certificate of Residence, Authorized proof of seal, etc.)
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10. Transfer of Ownership Title, and Delivery of Property
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＜Requirements / Fees＞
Legal seal, Legal Certificate of Residence, Authorized proof of seal, Remaining balance of purchase price,
Registry License Tax, and all other extras,
Settlement of Fixed Property Tax and City Planning Tax, Settlement of Maintenance Fee and the Building
Repair Fund( in case of condominium)
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Expenses after purchasing a property
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・Real Estate Acquisition Tax (only for the purchasing year)
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After purchasing land and/or a building, a Tax notice of "Real Property Acquisition" will be sent to the
purchaser by the prefectural government of the local region. This is a one time, non-recurring payment.
＜Tax Rate ＞
Appraisal Value of Land and/or building X Tax percentage = Tax amount
There are various Reduction Measures. Please consult us for details.
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・ Fixed Property Tax (annually)
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A person who owns a property which is registered on the capital assets taxation ledger on January 1st in every year
is responsible for paying this tax.
＜Tax Rate ＞
Appraisal Value of Land and/or Building X Tax percentage = Tax amount
In case the property meets all or some applicable conditions of the “Reductive measures”, “Adjusting measures”,
“Brand-new buildings” and “Tax deduction systems for Earthquake-Proof buildings”, the Fixed Property tax amount
above will be reduced considerately
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・City Planning Tax (annually)
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Any person who owns any real property within an "urbanizing" zone is responsible for paying this tax.
Usually it paid attached to Fixed Property Tax.
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