- Q1:Can a foreigner buy Japanese property for freehold?
- Q2:How do we make a proposal of purchase.
- Q3:Can foreigner apply a loan to the bank in Japan?
- Q4; How much costs do we need to pay to purchase a property? [ch0]
- Q5:What do I need to prepare to purchase property?
- Q6:If I die, my children can inherit the fortune?
- Q7:When I don't use this property, who manage this house (apartment house)?
- Q8:so total how much fee do we need to pay?
- Q9:After buying property, how do we pay tax to tax office?
- Q10: Can I open a Japanese bank account?
- Q11: What is an affidavid? What is written in this document?
- Q12: What means UN-REBUILDABLE PROPERTY?
- Q13: Can we buy PROPERTY by Chinese Yen?
- Q4: How much costs do we need to pay to purchase a property?
- Agency Fee. The standard broker is 3.24% of the transaction price plus JPY 64,800. Both the buyer and the seller pay this amount. Normally the buyer and seller have each their own broker. One broker is allowed to represent both parties, in which case he receives the broker fee twice. It is not common for brokers to give a discount on their fees.
- Stamp DutyOn the sales contract each party is obliged to put a stamp. The amount is dependent on the transaction price and normally varies from 10,000 up to 80,000 yen. The stamps can be bought at any post office.
- Judicial Scrivener FeeIn Japan the title transfer is arranged by a judicial scrivener. Included in his invoice will be the registration tax. The total costs can vary wildly depending on the type of property, the assessed value and if a mortgage needs to be registered as well. Also much like lawyers, some scrivener's are much more expensive than others. As a rough estimate assume that the total cost for this item is about 60,000 yen plus 1.5% of the purchase price. And in case of a financed purchase add another 0.4% of the mortgage amount.
- Acquisition TaxTechnically this is not a closing cost as it is due a few months after buying the property. Normally around around 0.5 to 1.0% of the purchase price, it can peak as high as 2%
- Annual Possession TaxThe annual possession tax has to be paid by the owner of the property as of January 1. When you buy a property halfway during the year, it is customary to reimburse the seller for part of the year's tax.
- Monthly MaintenanceThe monthly maintenance is normally paid at the beginning of the month. If you buy the property halfway during the month it is customary to reimburse the seller part of the maintenance fee. For transactions done close to the end of the month it is also normal to pay the next month's maintenance to the seller as it can take a couple of days to notify the building management of the change in ownership.
- Q5What do we need to prepare to purchase property?
- Affidavidussually, we ask you to prepare this affidavid. In this affidavid, it should be written your name, address. Have a look sample affidavid.
- You need to prepare yourpassport, resident card/a resident identification case in your country.
- If you can find good proerty by internet, you can propose the buying offer.In this case, You need a Deposit Receipt Offer And Acceptance and 10%-20% of deposit payment.
- Or if you want to pay everything on contract day time, you can.
- Q8 For example, the flat price is 20.000.000JPN, how much do I need to pay?
- Broker fee20.000.000×3%+60000Yen=660000Yen. Sales Tax 8% 52800Yen. Total 712,800Yen.
- Stump duty20000JPN
- Judicial Scrivener FeeIt's about 150000Yen( Including resistration fee)
- Acquisition TaxIt's about 150000Yen( You need to pay about half year later)
- Annual Possession TaxIt's about 150000Yen. But on the closing year, you and seller sprit this tax)
- So total712800Yen+20000Yen+150000Yen+150000Yen+100000Yen=1132800Yen.
- Q12 What means UN-REBUILDABLE PROPERTY?
- Un-rebuildable property means the property you can’t build a new house on the land.
- If you make it to vacant land, you can’t build new house on the land.
- There are many reasons why you can’t rebuild new house, many reasons are not face to public road width 2M.
- According to building standards Act, the property needs to face 2M width if you want to build a house.
- In Kyoto, there are many narrow alleys and it is still exist old houses.
- So in Kyoto, there are a lot of un-rebuildable properties.
- If it’s un-rebuildable property, it’s nothing worth to buy. Do you really think so?
- Even you can’t build new house, if you maintain well and renovation, you can live for a long time.
- 1) It’s cheap. So you can think it for second house, retirement house. Normally the price is about half price)
- 2) Compare to around property, the property tax is pretty cheap. Also property acquire tax is cheap.
- 3) The price is cheap. So you can expect high return investment if you rent.
- 1) If it’s burn down, you can’t rebuild new house. If there is still construction, you might renovate one more time.
- Q13 Can we buy property by Chinese Yen
- For Chinese people, it might be difficult to bring out money from China. But there is a way to bring out money from china. Please ask us.
Recent how customer purchase property in Japan? ( Sample)
At first, if you find a nice property, contact me. I confirm it's still for sale or not.
If it's still for sale and if you want to purchase the property.
1) Book the flight to Kansai Airport or Narita.
2) Bring about 10% of deposit payment via Cash.( If you prefer international wire, please ask me)
3) I will show you the properties.
4) If you decide to purchase the property, fill in the purchase application form. I send it to seller side.
5) If seller agree your purchase and option, I discuss about contract day. ( Last time, we decided 2 days later you decided)
6) On contract day, bring deposit payment, Affidavid, Inkan and passport.
7) In case we can arrange translator ( one hour 4000Yen to 6000Yen) It takes about 2-3 hours.
8) After that, your wife or husbad wire the balance of payment to my company bank account.
9) I sprit the payment to seller, judicial scrivener and our company.
10) On the day, judicial scrivener go to Legal Affairs Bureau to registlate this property for your name.
I think this is the best way to purchase a property in Japan.
I look forward ot hearing from you.
It must be written
② Date of Birth
Recently, I see some affidavid was no date, no nationality.
Japanese Legal affairs Bureau doesn't permit with out these four contents.