Jyuyojiko Setsumeisho (Important Points Explanation): Condominium Buildings (Continued)(4) Provisions of the rules and regulations regarding exclusive-use rights  In the above sample, the following details are given. Parking lot
Please refer to the attached "Articles O - O of the Management Regulations and Bylaws for Use" for further information on parking. Other areas of exclusive use Fees to be paid to OO Condominium Management Association
(5) Provisions to the effect that expenses to be borne by the owner are to be reduced or exempted to certain persons  In the above sample, this section is not applicable (該当なし). (6) Matters related to reserve funds for repairs, etc.  In the above sample, the following are written.
The seller will be responsible for completing the payment by the time of the settlement of the remaining balance, and will deliver the property with no arrears. (7) The amount of regular management fees  In the above sample, the following are written.
The seller will be responsible for completing the payment by the time of the settlement of the remaining balance, and will deliver the property with no arrears. Glossary of Terms Management fees and reserve funds for planned repairs In condominiums, the proper upkeep of common areas is essential to maintain and improve a comfortable living environment. Major repairs at regular intervals are also necessary to maintain asset value over the long term. It is important to recognize that appropriate amounts of management fees and reserve funds for repairs are necessary. Notes: If there are arrears of management fees or repair funds, the management association can claim the payment from the new owner if the handover takes place while the arrears are still outstanding. It is necessary to ensure that the seller has paid the arrears by the time of the settlement of the remaining balance. (8) Management contractors  In the above sample, the following are written. Type of Management: Total management Management contractor:
Notes: As the old saying "buy the management" goes, it is very important that condominiums are properly managed. If garbage is strewn about or bicycles are left unattended, it cannot be said that management is being done well. The state of management can often be assessed by looking at the site. Please also check the type of management of the property. (9) Records of maintenance and repair of buildings  In the above sample, the records are available.
Notes: The major repairs and maintenance carried out in the condominium are to be explained if there are any records on the repairs and maintenance. Those of dedicated areas are also to be explained if there are records on them. It is important to confirm directly with the seller whether or not repairs, maintenance, and/or renovations have been carried out. (10) Other  In the above sample, the following are written: 1. The seller is to notify the buyer of the provisions of the Law on Building Unit Ownership and the management rules and detailed regulations regarding such matters as the management and use of the building, grounds and ancillary facilities, etc., and the buyer is to comply with them. 2. Planned changes to management fees, reserve for repairs, etc.: Yes. (Month/Date/Year) 3. Schedule for major repairs: under discussion Additional (one-off) contributions: under discussion Amount to be determined 4. Residents' Association fees, etc.: Yes 5. Matters to be discussed at Management Association meetings, etc. Remarks: 1. Management and repair reserves The amount of the management fee and the reserve fund for repairs will be increased to OO yen and OO yen respectively, starting from Monty/Date/Year. 2. Large-scale repair plans Major repairs, such as painting of external walls and repair of tiles, are currently being discussed. The timing and the cost to be paid by each owner have yet to be determined. For more information, please refer to the attached documents (e.g. minutes of the general meeting of the management association in Fiscal Year OOOO). Glossary of Terms Management Association（管理組合） An association of unit owners to coordinate the maintenance and management of the condominium as a whole and the rights and obligations between unit owners. Unit owners are naturally members of the management association. Important matters such as the actual site of large-scale repairs, the establishment, amendment or abolition of rules and regulations, and other matters relating to the interests of the unit owners are decided at the general meeting of the management association. Notes:
If it is known that such decisions as to carry out major repairs and/or increase management fees have been made or are planned to be made at a general meeting, an explanation must be given. However, the buyer may not be notified of these matters due to a lack of research or negligence. It is important to check directly with the seller or the management association. Jyuyojiko Setsumeisho (Important Points Explanation): Condominium Building Jyuyojiko Setsumeisho （Important Points Explanation): Condominium Building As for the Important Points Explanation for a building that is a subject of unit ownership (a condominium building), only the parts that differ significantly from those for sales of "buildings with land and land" or those that are specific to condominiums will be listed with notes.  Description of Real Estate Building and Its Site The general information on the property is provided in this section. The above sample, the following are written: Building
 Rights Related to a Building or Its Site and Matters Related to the Management and Use of These Rights (1) Type and description of rights to the site In the above sample, the type and description are as follows:
Glossary of Terms Rights to the site: Ownership, superficies, or leasehold rights recorded in the land registry that cannot be disposed of separately from the building or attached building (the right to use the building site to own the exclusive use portion of a condominium building)  (2) Provisions of the rules and regulations regarding common areas In the above sample, the provisions are as follows:
Note: In the event of a defect in the piping and other equipment in the common areas, the question may arise as to whether the owner of the exclusive area (condominium unit owner) bears the cost of repairing such defects. It is important to carefully check the contents of the common area rules and regulations.  (3) Provisions of the rules and regulations concerning restrictions on the use of the exclusive area and other uses In the above sample, the provisions are as follows:
Use for business purposes such as offices is prohibited (Article O of the attached Management Regulations) Keeping dogs, cats, etc. is prohibited (Article O of the attached Management Regulations and Bylaws). Note:
In condominiums, rules and regulations to be followed by all residents are stipulated in the management rules and detailed regulations for use. These management rules are considered the law of the condominium. Parking lots are often the site where pet problems occur. It is necessary to carefully check the use of the parking lot and whether or not pets are allowed in the parking lot. Jyuyojiko Setsumeisho for a Single-Family Home: Other ItemsIII Other Items 1. Details of bond (under Article 35-2 of the Real Estate Act) (1) If not a member of the Real Estate Transaction Guarantee Association In this section, you may find such information as the name and location of the office where the business security bond is deposited. In the sample below, this section is crossed out as it is not applicable.  (2) If a a member of the Real Estate Transaction Guarantee Association  In the above, sample, the following are written: Real Estate Transaction Guarantee Association Name : ____ Guarantee Association ____ Office Address : O-O-O ____-cho ____ Ward, Tokyo Location of office: ____ Guarantee Association ____ Office, O-O-O ____-cho ____ City The name and location of the office where guarantee bond is deposited Tokyo Legal Affairs Bureau O-O-O ____-cho ____ Ward, Tokyo Glossary of Terms: Business Security Bond and Guarantee Security Bond Real Estate agents are required to deposit a bond to cover damages incurred by the other party in the transaction. If you suffer damages as a result of transactions with a real estate agent, you can request a refund within the scope of the "business security bond" or the "guarantee bond" from the depository. 2. Attached documents  The above sample lists the following as the attached documents ① Transcript of Land Registry Book ② Transcript of Building Registration Book ③ Official map (copy) ④ Map of the neighborhood (copy of a residential map) ⑤Building floor plan (Reference drawing: If the drawing differs from the current condition, the current condition takes precedence.) ⑥ Building lease agreement (copy) ⑦____ Residential Building Agreement (copy)  Notes: Regarding possession by a third-party tenant This property is currently leased in accordance with the attached lease agreement dated month/date/Year. The tenant has agreed to vacate by month/date/year. The seller will deliver the property to the buyer in vacant condition.  As indicated in the headnote, the licensed real estate transaction agent presented his/her Real Estate Transaction License, provided a written explanation of important matters, and explained the above-mentioned important matters to me. month/date/year Buyer Address: Name: Seller Address: Name: *The buyer and seller are to sign this important points explanation after the real estate agent explains the above matters and upon agreement. Note:
In addition to the important matters explained by the real estate agent, there may be "matters that significantly affect transaction decisions." Please carefully check matters such as construction plans of neighboring properties that may affect sunlight, ventilation, and/or views and whether there are facilities that generate noise and/or odor nearby. |
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