Property Purchase & Investment in Furano
- Steps to your real estate investment -
Step 1 – Check the properties available for sale
Check out property information through the websites, e-mail news, newspaper etc. provided by the qualified real estate agencies and find out the interesting properties for you.
Step 2 – Contact the real estate agencies
Make sure with the agents about the properties you are interested in to get more detailed information about properties, investment details, cost estimations, and purchasing process. Agents could arrange the property viewing for some properties either onsite or online, if the seller (and the tenants) allows.
You can ask the real estate agent to find out your solicitor if you do not have one, for the purpose of title transfer registration processed by them. We introduce some English speaking solicitor to work for you.
Step 3 – Make an offer of property purchase
Agents will negotiate the price and the other conditions of purchasing the properties.
You can make an offer to the seller through the agents when you are ready to make one with suggested purchase price.
* Properties are not held until you sign the contract and pay the non-refundable deposit.
Step 4 – Sign the sale contract and Pay the deposit
If both seller and buyer agree the basic property deals, such as the property sale price, the deposit amount, the timings of settlement and property delivery date, the contractual papers will be made by the agents, which would take around 7 – 10 working days with the attached documents.
If the contract details are good for both parties, sign the papers either onsite or online, and pay the non-refundable deposit which is usually around 10 – 20% of the property purchase price.
If the properties you would like to purchase is new developments, you cannot exchange the sales contract until the development approval is granted.
Step 5 – Pay the balance for title transfer
You will acquire the property title when the balance (settlement) amount is paid to the seller.
Step 6 – Proceed the property title transfer registration
Once the balance payment and the title transfer completed, the solicitor moves forward to register the property title transfer with the registry.
It takes around 2 weeks.
Step 7 – Find the property management company
It is important to find a property management company to handle the things depending on how you use the property.
Property management company handles your property usually for payment, holiday rental and maintenance.
Step 8 – Reports to authority (if required)
Submit the report under Foreign Exchange and Foreign Trade Control Law, and under National Land Use Planning Act etc.
Step 9 – Tax payments
Prepare for the tax payments, such as Property Acquisition Tax (once), and Fixed Asset Tax (and City Planning Tax) (every year).
Step 10 – All set for property investment in Japan
You are now the owner of property. Check the return from the report from the property management company (in case of holiday or residential rental property).