Looking for suitable real estate in website of Real estate company in Japan
In this page, I will show you flow chart that defines real estate transaction in Japan.
Among website of real estate company, there are some advertisements of Japanese real estate.
If fortunately you have found a interesting property to purchase, please notify me the real estate.
After I read the ads, I will confirm necessary aspects to realtor.
I will explain about the property to you.
You go to the property to see it on the spot.
Maybe, the realtor cannot understand English, I will explain about property to you.
Meeting date to sign sale and purchase contract paper of real estate
If you have decided to buy it, you and seller arrange the date to sign the purchase contract.
Buyer and seller and realtor meet at office of realtor.
On this day, seller and realtor explain about legal matters, condition of house, land etc and put it into writing.
So, if the actual condition is different from this paper, buyer can claim toward seller and realtor.
Payment of downpayment
After explanation of these matters, if buyers agrees to buy the real estate, buyer and seller sign purchase contract and buyer makes a down payment to seller.
If the purchase amount is 10,000,000 JPY, down payment will be 1 million JPY.
This percentage differs depending on the cases.
Date of title transfer
Buyer and seller and realtor fix the date of title transfer.
(It is possible that buyer and seller fix the date of signing the contract and title transfer at the same day )
At the date of title transfer, buyer and seller and realtor and judicial scrivener meet at office of realtor or bank etc.
On this day, judicial scrivener (shiho shoshi lawyer)confirm if all necessary documents are completed to title transfer.
And judicial scrivener receives all necessary documents from seller.
If there is mortgage on this property, judicial scrivener receives all necessary documents to remove the mortgage.
And when judicial scrivener has received all necessary documents, buyer pays balance money to seller.
In the case that buyer pays money through bank account, when judicial scrivener has received all necessary documents, buyer makes remittance to seller’s bank account.
It will take 1 hour to complete remittance.
When seller confirm the arrival of remittance, the deal is completed.
Application for ownership transfer for seller
Judicial scrivener will apply registration of ownership transfer and settlement of mortgage.
After 2 weeks, title deed is issued from Japanese government. And Judicial scrivener receives it and send it to buyer.
In the case of real estate transaction, the title is transferred at the moment of payment of balance money.
So, buyer does not need to pay balance money before ownership transfer.
Payment of balance money and ownership transfer are conducted at the same time.
Loss of title deed and ownership transfer registration
When you (Non-resident of Japan) sale a real estate of Japan, a kind of lawyer (Solicitor) in Japan will file ownership transfer registration for buyer.
In order to file it, title deed is necessary.
When a person owns a title deed, it is one of proof that the person is a lawful owner of the property.
However if the seller has lost the title deed, he needs to use other arrangement.
If the seller is a resident of Japan, he can meet with notary public in Japan and the notary public can notarize power of attorney.
When the seller requests a solicitor to file ownership transfer registration, seller needs to sign power of attorney.
In the case, notary public notarized power of attorney, without title deed, solicitor can file ownership transfer registration.
However in the case the seller is not resident of Japan, even if he meets with notary public in his home country, this arrangement is not available.
So he needs to take another options.