Visiting the property
In order to see what kind of property, it is and to see what kind of facilities are located nearby it is recommended to come to Japan to see the property for oneself.
SUBMITTING THE PURCHASE CERTIFICATE.
A purchase certificate is a certificate that states that the buyer has the means to buy a property.
The details that need to be filled in the purchase certificate are the following
- Asking price.
- When using a loan for the payment, writing the amount of the loan is needed.
- Preferred contract date.
- Preferred date of receiving the property.
- Other desired conditions.
When purchasing a property there is a need to decide how will the payment be made. If you are planning on using a loan to purchase the property, there is some required paperwork.
Going over the disclosure statement.
During this stage you will go over the disclosure statement and hear an overview of the property, rights regarding the property, terms of payment, in case of cancelation of the sales agreement, etc. these are important details regarding the procedure so make sure to ask a question if there is something you do not understand.
Signing the sales statement
During this stage, if there is a mutual agreement with the seller you proceed to sign the sales statement. (The stamp and the certificate of seal-impression)
When signing the sales statement you also need to pay the revenue stamp fee and between 10% to 20% deposit of the sale price. If for some reason after signing the sales statement you decide to cancel the contract you will not get your deposit back.
Making the preparations to send the funds from overseas if there is no need for a loan
At this point, if you are not planning to use a loan to get the funds you will need to make the payment for the property minus the amount of money you paid for the deposit.
Transferring the property rights to the buyer
At the stage, you will receive a document that show’s that the property is no longer in the possession of the real estate company and is in your possession.
When transferring the property rights you need to have your residence card, resident certificate (or a similar document), the certificate of seal-impression(or a similar document) and your stamp. If the registration process is too difficult acquiring the help of a judicial scrivener might be a good idea.
Notifying the ministry of finance
In accordance with the trade law, you are required to notify the ministry of finance of your purchase within 20 days after the purchase procedure is complete.
You should be wary of the following when purchasing a property in Japan
The title deed will be ready in a week or so. Make sure to decide in advance if you with the title deed to be sent to a preferred address in your home country or to send it to a real estate management property.
After the purchase, a payment statement will be sent to you. real estate acquisition tax, property tax and such are all written on the payment statement. Foreigners residing abroad have to consult someone who would help you make the payment in Japan. If you do not have anyone who can assist you in Japan consulting a real estate company to help you is a good idea.
If you are planning on investing in real estate in Japan, you will need to fill a text return form.
It is up to you whether to ask someone to do it for you or to consult a tax accountant. If you want to consult a tax accountant asking your real estate company to introduce one might be a good idea.