A guide to take you through the process of purchasing a property in Japan.
How To Buy
Whether you are purchasing a home, second residence or buying for investment, they all begin with working with a professional agency that can assist you in the planning, search, financing and legal documentation process. Japan Hana’s professional and friendly team of consultants can assist in all respects to find you the best properties both on-and-off market, within your budget and criteria
How To Buy
A guide to take you through the process of purchasing a property in Japan.
Planning and Investment Direction
Before investing in real estate it is recommended that the buyer gathers information on the market and decides on their investment objectives – whether it is for capital appreciation, rental income or as a home. Japan Hana is more than happy to help in this process.
The Property Search
The agent will search for properties that meet your requirements and explain anything you need to know regarding the property and the local area. Google Maps is a valuable tool that buyers can use to view the property in the comfort of their own home.
Viewings
If you decide to go to Japan to view the property, Japan Hana will assist with viewings. If you decide not to go to Japan, virtual tours or videos can be arranged where available. For properties with tenancies, buyers are not allowed to enter the property but can visit the building and see the surrounding neighbourhood.
Application
Signing the Contract
Once both parties agree on the sale price, closing date and other conditions, a 10% deposit and the signing of the contract are required within 7 days. Buyers should obtain an affidavit from a government office and submit to us.
Power of Attorney
Buyers can choose to sign a power of attorney to delegate our solicitor to sign the contract on their behalf, or go personally to Japan to sign the contracts. If the buyer does not wish to travel to Japan, Japan Hana will explain the details of the Important Matters document through video conference.
Explanation of Important Matters
Included in the Explanation of Important Matters document includes an overview of the property, property terms, relationship of rights, legal limits, management of the building and limitations of its use, compensation of contract violations and the owner’s rights
Loan Application
Buyers can apply for overseas mortgage loans with banks and financial institutions. Buyers need to provide proof of income and assets. Once pre-approval is obtained it usually takes 4-6 weeks for final approval. If you are using bank financing, this must be advised at the outset, and a clause will be added to the contract that you are applying for a mortgage from a particular bank and the details. If the mortgage is not approved, the contract may be terminated under certain conditions.
Final Settlement
*For those who purchased without visiting the property, please note that Japan-Hana will not be held responsible to compensate for damages even if there is a discrepancy between the property and its location or the surrounding environment.
Buying Fees and Taxes
A summary of costs and taxes when purchasing property in Japan
After Purchase Services
Japan Hana provides a host of after-purchase services to ensure buyers have peace of mind when investing in real estate.
FAQs
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