Yes, you can purchase property in Japan. It’s protected by Japanese law. Also if you want to purchase property for company, it’s available.
When you decide to purchase a property, propose to real estate agency. We storongly recommend to propose to real estate agency.
If you have a foreign resident’ registration card, you can apply a loan to bank in Japan. But if not, it’s very difficult to apply a loan in Japan. So in this case, we recommend to apply a loan in your country.
Agency Fee: The standard broker is 3.3% of the transaction price plus 66,000Yen. 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 Duty: On 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 80,000Yen. The stamps can be bought at any post office.
Judicial Scrivener Fee: In 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 60,000Yen plus 1.5% of the purchase price. And in case of a financed purchase add another 0.4% of the mortgage amount.
Acquisition Tax: Technically 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 Tax: The 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 Maintenance: The 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.
Affidavit: usually, we ask you to prepare this affidavit. In this affidavit, it should be written your name, address. Have a look sample affidavit.
You need to prepare your passport, resident card/a resident identification case in your country.
If you can find good property 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.
Yes, your children (Or your wife) can inherit fortune in Japan. This right is protected by Japanese law.
We can manage your property when you are out of Kyoto. Also if you prefer using property for vacation home to other people, we can manage everything. Of course, when you want to use, you can use anytime.
Broker fee: 20,000,000×3%+60,000Yen=660,000Yen. Sales Tax 10% 66,000Yen. Total 726,000Yen.
Stump duty 20,000Yen.
Judicial Scrivener Fee: About 150,000Yen (Including registration fee).
Acquisition Tax: About 150,000Yen (You need to pay about half year later).
Annual Possession Tax: About 150,000Yen. But on the closing year, you and seller sprit this tax)
So total: 726,000+20,000+150,000+150,000+100,000=1146,000Yen.
You need to decide a person for administrator of tax. Japanese tax office send tax invoice to this administrator. But paying duty is belong to buyer.
You need to get a registration card in Japan. Or the right of permanent residence. So for foreigners, it might be a difficult to open a Japanese Bank account. It means the problem about how send money to Japan from your country.
In Japan, we can get public resident card (Document). Instead of this card, we ask you to prepare this affidavit. It is should be written your name, address and (Birthday).
Un-rebuildable property means the property you can’t build a new house on the land.
Even 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.