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12/12/2022

Buying a House: Choosing a Real Estate Agency 3

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Conclude a Mediation Contract with a Real Estate Company.

A mediation contract is concluded when formally requesting a real estate company to mediate a sale and purchase. A mediation contract is an important document to clarify the service contents of mediation that you hope for and its consideration, such as a commission. It is necessary to conclude a mediation contract after conveying one's intention to a real estate company firmly so that there will be no regret.
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Point 1: ​Significance of a mediation contract
A mediation contract is a contract between a client and a real estate company concerning mediation of the sale and exchange of a housing site and a building. A mediation contract can prevent troubles related to agency work by clarifying the contents of the work (what kind of service is received) and a mediation fee, etc. that a prospective buyer requests of a real estate company in a contract. Therefore, the real estate company which received a mediation request is legally obligated (Article 34-2 of the Real Estate Brokerage Act) to prepare and deliver to the client a document describing certain matters to clarify the contractual relationship of a mediation contract.

The revised part of the Real Estate Brokerage Act of the Digital Improvement Act came into effect on May 18, 2022, and the document at the time of this mediation contract conclusion can be provided by electromagnetic means (electronic document delivery) in place of a paper document.

Since the conclusion of a mediation contract is an important step that serves as a gateway to subsequent mediation work, it is necessary to properly understand the contents.
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Point 2: ​Types of mediation contracts
There are three kinds of mediation contracts: "exclusive-contract full-time mediation," "full-time mediation," and "general mediation." In exclusive-contract full-time mediation and full-time mediation, only one company can provide brokerage services, but in general mediation, two or more real estate companies can provide brokerage services. However, when requesting mediation of purchase, it is usual to conclude general mediation. (Exclusive-contract full-time mediation and full-time mediation contracts are not often concluded.) In addition, since there are an explicit type and a non-explicit type in a general mediation contract, based on the following explanation, choose the contract which suits you.
General mediation contract
This contract allows you to request multiple real estate companies to act as intermediaries at the same time. You can also sign a contract with the other party you have found yourself (such as when negotiating directly with a relative or acquaintance) without having to go through a real estate company. However, you will ultimately decide through which real estate company to proceed with the transaction. Generally, it is common to proceed with a deal with the real estate company that introduced the most promising housing.
Explicit and non-explicit types
There are "an explicit type" and "a non-explicit type" in a general mediation contract.
​In the case of an explicit type, it is necessary to notify the real estate companies that you have requested mediation of which other real estate companies you have commissioned mediation to, even though the contract permits simultaneous requests to other real estate companies. On the other hand, in the case of a non-explicit type, it is not necessary to notify the real estate company of whether you have made concurrent requests to other real estate companies or what kind of companies you have been working with.
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Point 3: Matters to be confirmed with the real estate company prior to the conclusion of mediation
When a mediation contract is concluded, while the contents of the contract become clear, various contractual obligations arise for the client, so please be sure to keep in mind the points to be kept in mind.
(1) Clearly convey the desired conditions
It is important to reiterate to the real estate company the desired conditions, such as the time of purchase and the desired purchase price, based on circumstances such as the time when moving is possible and the financial plan necessary for purchase. Of course, there are cases in which purchase may be difficult under the desired conditions, so after sufficient discussion with the real estate company, final conditions should be determined.
(2) Confirm the contents of the mediation work
Before concluding a mediation contract, it is also important to reconfirm the contents of the mediation work presented by the real estate company. ​Failure to make this confirmation may result in a situation where you do not receive the services you thought you were entitled to.
(3) Check about brokerage fees
After clarifying the details of the brokerage business, confirm the brokerage fee. Make sure you understand the laws and regulations regarding brokerage commissions, etc., and discuss them with the real estate company.
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Point 4: Contents of a mediation contract and matters to be confirmed
As for a mediation contract, the Minister of Land, Infrastructure, Transport and Tourism publicly announces "Standard mediation contract terms and conditions" (hereinafter referred to as "Standard terms and conditions") for the purpose of standardization of mediation contracts and consumer protection. Since a mediation contract is generally concluded by the standard terms and conditions regarding mediation for a residence, etc., it is important to correctly understand the contents and matters to be confirmed.

In addition, the real estate company will indicate whether or not the real estate company can arrange for the person who conducts the building condition survey (inspection) (limited to those conducted by an architect who has completed the training course specified by the Minister of Land, Infrastructure, Transport and Tourism), and will specify whether or not such arrangement can be made in the mediation contract document.

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Real Estate agent in Kyoto, Buy and Sell, Leasing, Renovation and Construction, Management for Investment and Vacation Property, Professional Services for International Customers. We deal in KyoMachiya houses, detached and attached Houses, new and old Condominium Apartments, Block of Apartments and Buildings for Commercial, Residential and Investments use, Manage and Support Operation and New Development of Guesthouse, Ryokan and Hotel, Total Supports for Land and Buildings Real Estate in Kyoto.
Yours sincerely, Founder Ken Hayashi
Real Estate Broker Company License No. Kyoto-Fu Governor ( 1 ) 14044 , ​Member of Kyoto Association of Residential Land Building Business
  • Home
  • Study
    • Rights of Property >
      • Real Right and Credit
      • Rights to the land and Rights to the building
    • the Building Lots and Buildings Transaction Business Act >
      • Laws Related to Real Estate Transaction in Japan
      • (1) Laws Concerning Land Use
      • (2) Laws Concerning Construction of Buildings
      • (3) Laws Regulating Real Estate Companies
      • (4) Laws and Regulations Concerning Advertisement
      • (5) Laws Concerning Contracts Including Sales Contracts and Lease Contracts
      • (6) Laws concerning Titles and Rights
      • (7) Laws Concerning Real Property Registration
      • (8) Laws Concerning Condominium Management
      • (9) Laws Concerning Defects (Faults, etc.) of Housing Properties
    • How to and Procedures >
      • Process of Real Estate Sale
      • Process of Real Estate Purchase
      • Cost by Transaction
      • Important Points Explanation
      • Real Estate Sales Contract
      • Property Condition Confirmation
      • Facilities and Equipment List
    • Building Management >
      • Process of Residential Property Management
      • Process of Real Estate Leasing >
        • Idea of Lease Agreement
      • Process of Vacation Home Management
    • Related Acts
    • Glossary >
      • Real Estate Glossary in Japan
    • Tax in Japan >
      • Consumption Tax
      • Property Tax
      • Capital Gain Tax
      • Withholding Tax
      • Taxes on Gifts and Inheritances
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