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6/27/2022

The Withholding Tax System

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Withholding Agents and Tax Rates

,When a payer of incomes subject to tax withholding makes payment to a non-resident or foreign corporation (hereinafter referred to as a "non-resident") within Japan, the payer must, in principle, withhold income tax and special income tax for reconstruction from the payment.

And when a person who has a domicile, residence, or office in Japan makes domestic-source-income payment outside Japan to a non-resident, the payment shall be deemed to be made within Japan, and withholding tax shall be imposed.

​Withholding tax is calculated by multiplying the amount of domestic source income paid by the tax rate. In some cases, such as public pensions, the amount of tax is calculated by multiplying the amount of payment by the tax rate after deducting a predetermined amount.

When payment is made in a foreign currency to a non-resident, tax withholding shall be made after converting the payment into yen. In general, the exchange rate is based on the telegraphic transfer rate on the due date, but unless there is a significant delay in payment, the telegraphic transfer rate on the date of actual payment may be applied.
​
Domestic source income subject to tax withholding and the tax rates are as follows:
(1) Transfer of land, etc.: 10.21 percent
(However, tax withholding is not required if the consideration for the transfer of land, etc. is 100 million yen or less and is paid by an individual who acquires the land, etc. for his/her own use or for the use of his/her relatives as a residence.)
(2) Rent of real estate, etc.: 20.42 percent
(However, tax withholding is not required for the rent of real estate, etc., paid by an individual who rents such real estate, etc. for his/her own use or that of his/her relatives.)

Please note that when a tax treaty has been concluded between Japan and the country in which the non-resident resides, the aforementioned tax rate may be exempted or reduced in accordance with the provisions of the tax treaty.

In order for such exemption or reduction to be applied, a "Notification Concerning Tax Treaty" and other relevant forms must be submitted via the payer of the domestic source income to the district director of the tax office that has jurisdiction over the payer's place of tax payment  at least one day before the date of payment.

Please also note that special income tax for reconstruction does not need to be withheld if the tax rate stipulated in the applicable tax treaty is less than or equal to the aforementioned rate.​

Payment of Withheld Tax 

The income tax and special income tax for reconstruction collected at the source shall be paid, in principle, by the 10th day of the month following the month of collection, at the nearest financial institution, at the local tax office, or via e-Tax. The payer is to attach a "statement of income tax collection for non-residents and foreign corporations (payment form)" and for redemption gains of discount bonds (margin profit amounts) and  income from the transfer of listed shares, etc. in custody in a special account and dividends in an elective withholding account, a statement of income tax collection for such gains and profits (payment form).

In cases where payment of domestic source income is made outside Japan and tax withholding is deemed to be made in Japan because the payer has a domicile or residence in Japan or has an office, place of business, or other equivalent in Japan, the due date for payment of income tax and special income tax for reconstruction is the last day of the following month, not the 10th of the following month, in consideration of administrative procedures.

Classification of Residents and Non-Residents

Under Japan's Income Tax Law, a "resident" is defined as an individual who has a "domicile" in Japan or has continuously had a "residence" in Japan for at least one year, and an individual other than a "resident" is defined as a "non-resident."

​A "domicile" refers to "an individual's base and center of life," which is determined by objective facts. Therefore, a "domicile" is determined by where a person's activities are centered around.

In certain cases, a "presumption of domicile" will be made based on a person's occupation and other factors in order to determine where the person's domicile is located. A "place of residence" is defined as "a place where a person actually resides. Therefore, it may not be the person's base and center of life.

The location of the head office or main office of a corporation determines whether it is a domestic corporation or a foreign corporation, and such determination is based on its registration and the articles of incorporation (this is generally referred to as the "head office domicile principle").

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6/14/2022

Facilities and Equipment List: Table 2

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Facilities and Equipment List: Table 2 

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Table 2: Other Facilities and Equipment
Table 2 shows the availability of those other than the main facilities and equipment listed in Table 1 along with the details of any known malfunctions and defects thereof.

​Lighting
Indoor lighting fixtures: Yes/No (Total number: __)
Outdoor lighting fixtures: Yes/No
Storage
Storage cabinet: (built-in cupboard / electric lift cupboard / hanging cupboard) Yes/No
Storage space: (underfloor storage / ceiling storage /_____) Yes/No
Shoe rack: Yes/No
Fittings and fixtures
Screen door: Yes/No
Storm shutter: Yes/No
"Tatami" mat/"fusuma" sliding door: Yes/No
Door: Yes/No
"Shoji" sliding door: Yes/No

Television equipment
Terrestrial TV antenna: Yes/No
Satellite antenna: Yes/No
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Others
Carpet: Yes/No
Curtain: Yes/No
Curtain railing: Yes/No
Storage room: Yes/No
Balcony: Yes/No
Slop sink (outdoor): Yes/No
Outdoor faucet: Yes/No
Garden trees and stones: Yes/No
Gate and fence: Yes/No
Car garage: Yes/No
Internet: Yes/No (Location:_____)
Residential fire alarm: Yes/No  (Location:_____)
Solar power generation system: Yes/No

Remarks:
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Facilities and Equipment marked with "Yes"(有)in Note 2 was designated as a specific maintenance product (9 items) as of April 1, 2009, based on the Consumer Product Safety Law and its enforcement ordinance, as it is highly likely to cause a serious accident due to deterioration over time.  However, due to the revision of the enforcement ordinance, as of August 1, 2021, the specified maintenance products are now two items: oil-fired water heater  and oil-fired bath boiler.
(1) For specific maintenance products (oil-fired water heaters and oil-fired bath boiler), the Seller should inform the Buyer of the following.
① The owner's information (registration or change) is required for the inspection of specific maintenance products by the manufacturer.
② The applicable product must be inspected during the inspection period set by the manufacturer.
③ ​The contact information for the manufacturer is shown on the product.
(2) For the seven items excluded from the specific maintenance products -- indoor (city/LP) gas instant water heaters, indoor (city/LP) gas bath boiler, FF oil-fired hot-air heater, built-in electric dishwasher/dryer, electric bathroom ventilator/dryer -- for which the inspection period began before July 27, 2022 (excluding those inspected before August 1, 2021 and those whose inspection period has passed),  the Seller should inform the Buyer of  the above: (1) ①②③.
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Month/Date/Year
The Seller has notified the Buyer that the facilities and equipment of the property are as described above.
Seller's name: _____ (personal/company seal)
The Buyer has been notified by the Seller as described above .
Buyer's name: _____ (personal/company seal)

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6/10/2022

Facilities and Equipment List

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Facilities and Equipment List (for land and buildings)

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Facilities and Equipment List (for Land and Buildings) (Property Name: _____)
Any facilities and equipment marked "Yes"(有)in the "availability of facilities and equipment" column will be delivered by the Seller to the Buyer in their present conditions. Please be aware that the facilities and equipment to be delivered may have the malfunctions and defects listed below in the "details of known malfunctions and defects" column, as well as deterioration in performance, scratches, dirt, etc., resulting from age and use.
"No"(無)in the "availability of facilities and equipment" column indicates that there is no such facilities/equipment or that they will be removed by the Seller prior to the time of delivery.
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Table 1: Main Equipment and Facilities
Table 1 shows the availability of main facilities and equipment along with the details of any known malfunctions and defects thereof. 

​Hot water supply equipment 
Water heater  
  • ​Electric/gas/oil/solar: Yes/No
Hot water supply available in: kitchen/bathroom/washroom
⇒ Labeled as a specific maintenance product (Note 2): Yes/No 
  • Indoor gas water heater (independent): Yes/No
⇒ Labeled as a specific maintenance product (Note 2): Yes/No 
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Water-related facilities
Kitchen facilities
  • Sink: Yes/No
  • Mixer tap: Yes/No
  • Ventilation fan: Yes/No
  • Stove (electric/gas): Yes/No
  • Grill (electric/gas): Yes/No
  • Built-in oven (electric/gas): Yes/No
  • Built-in dishwasher and dryer (electric/gas): Yes/No
​​⇒ Labeled as a specific maintenance product (Note 2): Yes/No 
  • Water purifier: Yes/No
  • Garbage disposer: Yes/No
​ Bathroom facilities
  • Shower: Yes/No
  • Mixer tap: Yes/No
  • Bathtub (reheating / adding hot water / keeping the water warm / filling the bathtub)
  • Bathroom  sink (with/without a mirror): Yes/No
  • Indoor bath boiler (balanced-flue-system bath boiler): Yes/No
⇒ Labeled as a specific maintenance product (Note 2): Yes/No 
  • Bathroom dryer: Yes/No
​⇒ Labeled as a specific maintenance product (Note 2): Yes/No 
Washroom facilities
  • First floor (sink/lighting/shower/outlet/mirror/ anti-fog coating): Yes/No
  • Second floor (sink/lighting/shower/outlet/mirror/ anti-fog coating): Yes/No
Toilet facilities
  • First floor (toilet bowl/warm-water bidet/heated seat/air dryer/low tank/hand-wash basin/_____): Yes/No
  • Second floor  (toilet bowl/warm-water bidet/heated seat/air dryer/low tank/hand-wash basin/_____): Yes/No
Laundry facilities
  • Waterproof pan: Yes/No
  • Laundry faucet: Yes/No
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Air conditioning-related equipment
Heating and cooling equipment (electric/gas/oil): Yes/No
Installation location: _____ Total: _ unit(s)
Cooler: Yes/No
Installation location: _____ Total: _ unit(s)
Heater: Yes/No
Installation location: _____ Total: _ unit(s)
⇒ Labeled as a specific maintenance product (Note 2): Yes/No 
Floor heater: Yes/No
Installation location:  _____ Total: _ unit(s)
Ventilation fan: Yes/No
Installation location: bathroom/washroom/toilet/_____ 
24-hour ventilation system: Yes/No
Others
Intercom (with/without a monitor):
Yes/No

Remarks: 

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6/3/2022

Property Condition Confirmation Form 14-25

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Property Condition Confirmation Form 14-25

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Property Condition Confirmation Form 
(Notice for Land  & Building  / Land) (Property Name: __________)

⑭ About retaining walls
Yes/No
Direction: (Direction) side / □ Owner:  Seller □ Neighboring landowner □ Shared □ Unknown
Direction: (Direction) side / □ Owner:  Seller □ Neighboring landowner □ Shared □ Unknown
Written agreement: Yes/No
Disputes: Yes/No
Details:_____
Cracks or other defects: Found / Not found
Condition:

⑮ Ground subsidence/softening
 Found / Not found
Condition: _____

⑯ Soil contamination
History of non-residential use of the site (stores, factories, etc.)
Yes/No/Unknown
(Month/Year Used as:_____)
Other information on soil contamination: Yes/No/Unknown
⑰ Underground deposits
□ Not found 
□ Found / □Previous building foundations □ Construction waste □ Septic tank □ Well □ Other: _____
Location / Details: _____

⑱ Noise, vibration, odor, etc.
Yes/No/Unknown
Details: _____
⑲ Electromagnetic interference
Yes/No/Unknown
Condition: _____
⑳ Flooding and other damage
​Yes/No/Unknown
Condition: _____
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㉑ Neighborhood building plans
Yes/No/Unknown
​Details: _____
㉒ Surrounding facilities that may affect the property for sale
​Yes/No/Unknown
​Details: _____
㉔ Neighborhood agreements
Yes/No/Unknown
​Details: _____
㉕ Other matters to be passed on from the Seller to the Buyer: _____
​Remarks:
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Month/Date/Year
The Seller has notified the Buyer that the condition of the Property is as described above.
The name of the Seller: _____ (personal/company seal)
​
The Buyer has been notified by the Seller as described above.
The name of the Buyer: _____ (personal/company seal)

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5/30/2022

Property Condition Confirmation Form 1-13

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Property Condition Confirmation Form 1-13

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Property Condition Confirmation Form 
(Notification for Land  & Building  / Land) (Property Name: __________)

(There is no need to fill in items ① through ⑪ if the land is currently vacant nor to fill in items ① through ③ and ⑦ through ⑪ if the land is to be handed over after the building is demolished.)

​The Seller hereby provides the Buyer with the following information regarding the condition of the property for sale that the Seller is currently aware of.

Property Condition
​
In addition to normal wear and tear over time, the property is in the following condition.
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① Rainwater leaks​
□ No leaks have been found to date.
□ There have been leaks in the past. Location(s): _____ 
Repair work: not yet completed / completed (month and year)
□ There are currently leaky areas. Location(s):_____
② Termite damage
□ No termite damage has been found to date.
□ Termite prevention work: not done/done (month and year)
□ Termite damage has occurred in the past. (month and year)
Extermination and repair work: not yet completed / completed (month and year)
□ There is currently termite damage. Location(s): _____
③ Building defects (tilt, corrosion, problems, etc.)
□ Not found
□ Found 
Location(s) and condition(s): _____
④ ​Failure or leakage of water supply and drainage facilities
□ Not found
□ Found 
Location(s) and condition(s): _____
⑤ 
History and documentation of renovations, extensions, repairs, remodeling, and changes in use
□ Not conducted
□ Conducted (month and year)
□ Unknown
Location(s) and condition(s): _____
Construction company: _____

Building permit: Yes/No
Inspection certificate: Yes/No
Design specifications: Yes/No
⑥ Damage from fires (including a small fire)
□ No
□ Yes (month and year)
Location and condition: _____
⑦ 
Records of asbestos use survey results​
Date of survey: month/date/year
Organization that conducted the survey: _____
Scope of survey:_____
Remarks: _____
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⑧ Inspection of building conditions
Yes/No
(□ Building Condition Inspection Report ​□ Building Condition Inspection Report Summary)
Date: month/date/year
Inspected by: _____
⑨ ​Seismic diagnosis and earthquake safety data
Yes/No
​(Available documents)
□ Certificate of Compliance with Earthquake Resistance Standards
□ Report of Seismic Assessment Results 
□ Existing Home Performance Evaluation Report
□ 
Certificate of Existing Home Sales Defect Insurance
□ Other: _____
⑩ Housing Performance Evaluation
Yes/No (Available documents)
□ Housing Design Performance Evaluation Report
□ Housing Construction Performance Evaluation Report
□ Existing Home Performance Evaluation Report
⑪ Documentation at the time of construction and the name of the developer
Building permit: Yes/No
Design specifications: Yes/No
Inspection certificate: Yes/No
Developer / real estate agent: _____
⑫ About the boundaries
Boundary with the adjacent land: confirmed / not confirmed
Location(s) that cannot be confirmed: _____
Written agreement: Yes/No
Disputes: Yes/No
​Details of the disputes: _____
⑬ Issues involving the boundaries
Is there anything crossing the boundaries?  Yes/No/Unknown
Objects/equipment crossing the boundaries: 
□ Wall □ Fence □ Retaining wall □ Building □ Trees and plants 
□ Water pipe □ Drainage pipe 
□ Gas pipe □ Other: _____
Written agreement: Yes/No
Disputes: Yes/No
Details of the disputes: _____
​Location(s)/circumstances: _____

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5/20/2022

Real Estate Sales Contract Cluases 21-23

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Real Estate Sales Contract Clauses 21-23

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Article 21: ​Agreement on the Court of Jurisdiction
The Seller and the Buyer shall submit to the exclusive jurisdiction of the court having jurisdiction over the location of the Property in the event of any dispute arising in connection with this Contract.
Article 22: Obligations to discuss matters not stipulated in this Contract
Matters not stipulated in this Contract shall be discussed in good faith between the Seller and the Buyer in accordance with the Civil Code, other relevant laws and regulations, and the practices of real estate transactions.​
Article 23: Exclusion of anti-social forces
1. The Seller/Buyer shall make the following covenants to the other party:
(1) The Seller/Buyer is not a member of a crime syndicate or a company affiliated with a crime syndicate, a "sokaiya" corporate racketeer, or a member of any such organization (hereinafter collectively referred to as "anti-social forces").
(2) The corporate associates ​(i.e., employees, directors, executive officers, or any such persons who engage in business operations) are not anti-social forces.
(3) The Buyer/Seller shall not allow anti-social forces to use his/her own name to sign this Contract.
(4) The Seller and the Buyer shall not, until the completion of both the delivery of the Property and the payment of the purchase price, engage in any of the following acts in connection with this Contract, either by themselves or by using a third party.
a. the use of threatening words/actions or violence against the other party
b. acts that obstruct the other party's business or damage the other party's credibility by using deceptive means or force 
2. 
Either the Seller or the Buyer may cancel this Contract without notice in any of the following cases​:
a. If it is found that either party has made a declaration contrary to the pledge in (1) or (2) of the preceding paragraph.
b. If it is found that the contract was signed in violation of the pledge set forth in the preceding paragraph (3)
c. If either party engages in acts that violates the pledge set forth in the preceding paragraph (4)
3. ​The Buyer shall assure the Seller that the Buyer will not use the Property as an office or other base of activities for anti-social forces, either by themselves or by a third party.
4. The Seller may terminate this Contract without any notice if the Buyer acts in violation of the preceding paragraph.
5. ​If this Contract is terminated pursuant to the provisions of Paragraph 2 or Paragraph 4, the terminated party shall pay to the other party an amount equivalent to 20% of the purchase price as a penalty (pre-determined compensation for damages).
6. If this Contract is terminated pursuant to the provisions of Paragraph 2 or Paragraph 4, the terminated party may not make any claim against the other party for any damages arising from the termination.
7. In the event of termination of this Contract pursuant to Paragraph 2 or 4, the provisions of Paragraphs 2, 4, 5 and the preceding Paragraph shall apply to the termination and penalty fee, and Article 16 shall not apply.
8. If the Buyer violates the provisions of Paragraph 3 and is found to have used the Property as an office or other base of activities of anti-social forces, and if the Seller cancels this Contract pursuant to Paragraph 4, the Buyer shall pay to the Seller, in addition to the penalty in Paragraph 5, a penalty equivalent to 80% of the purchase price as a sanction. However, this paragraph shall not apply when a real estate agent acts as the seller himself/herself and a person who is not a real estate agent acts as the buyer.

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5/17/2022

Real Estate Sales Contract Clauses 16-20

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Real Estate Sales Contract Clauses 16-20

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Article 16: Cancellation and penalty for breach of contract
1. The Seller and the Buyer may terminate this Contract if the other party delays in the performance of its obligations under this Contract, including the case where the Seller delays in making repairs as specified in Paragraph 2 of Article 13, with respect to the nonconformity specified in Paragraph 1 of Article 13, after giving the other party a reasonable period of time to perform its obligations and if the other party fails to perform within such period of time.
2. In the event of cancellation of the contract pursuant to the preceding paragraph, either the Seller or the Buyer may demand payment of the penalty fee stated in the Contract (hereinafter referred to as "Penalty Fee") from the other party. However, if the cancellation is due to a cause that cannot be attributed to the other party in light of this Contract and socially accepted practices, the Seller or Buyer may not demand a Penalty Fee payment. Regardless of the amount of damages actually incurred, the counterparty may not demand a reduction in the amount of the Penalty Fee.
3. The payment and settlement of the Penalty Fee will be made as follows:
(1) In the event of breach of contract by the Seller, the Seller shall promptly return to the Buyer the money already received without interest and pay the penalty.
​(2) If the Buyer breaches the contract and the penalty exceeds the amount of money already paid, the Buyer shall promptly pay the difference to the Seller, and if the amount of money paid exceeds the penalty, the Seller shall deduct the amount equivalent to the penalty from the money received and promptly return the remaining amount to the Buyer without interest.
Article 17: Special provisions for loan use
1. If the Buyer intends to use the financing funds described in the Contract with respect to the purchase price, the Buyer shall apply for such financing promptly after the execution of this Contract.
2. ​If all or part of the amount of the loan described in the preceding paragraph is not approved or denied by the date set forth in the Contract, the Buyer may terminate the Contract with the Seller until the termination date specified in the Contract.
3. When this Contract is terminated pursuant to the preceding paragraph, the Seller shall promptly return the money received to the Buyer without interest.
4. If the Buyer fails to follow the procedures for applying for financing under Paragraph 1 or intentionally prevents the approval of the financing, the cancellation under Paragraph 2 is not allowed.
Article 18: Stamp burden classification
The Seller and the Buyer shall attach, at their own expense, the stamps designated by law to this Contract held by each of them.
Article 19: Succession of various rules and regulations
The Seller shall have the Buyer succeed to, and the Buyer shall succeed to, all provisions for the maintenance and management of the environment relating to the Property.
Article 20: ​Special Provisions when there is more than one party signing the Contract
When one or both of the Seller and the Buyer are multiple parties, their liabilities with respect to this Contract shall be joint liabilities, and the notice of this Contract shall become effective for all of the parties when it reaches one of the parties.

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5/16/2022

Real Estate Sales Contract Clauses 11-15

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Real Estate Sales Contract Clauses 11-15

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Article 11: Property Condition Report
The Seller will provide the Buyer with an explanation of the condition of the Property at the time of execution of this Contract in the attached "Property Condition Report".
Article 12: Sharing of taxes and public dues, etc.
The Seller and the Buyer shall settle on the date of completion of delivery, the portion up to the day before the completion date of delivery as the Seller's income or burden and the portion after the completion date of delivery as the Buyer's income or burden, with respect to the income generated from the Property or various burdens imposed on the Property such as fixed property tax, city planning tax and other taxes and public charges, gas, water, electricity charges and various other contributions. The accrual date for taxes and public dues is April 1.
Article 13: Claim for repair due to nonconformity with the Contract
1. The Seller shall be liable to the Buyer for non-conformity to the contract if the land and building delivered to the Buyer do not conform to the terms of the contract in terms of quality (hereinafter referred to as "non-conformity to the contract"), provided that the Seller notifies the Buyer within 3 months of the date of completion of delivery. However, with respect to buildings, liability shall be assumed only in the following cases:
(1) ​Leaks in areas that prevent rainwater leakage
(2) Corrosion in major structural durability components of the building
(3) ​Damage caused by termites
(4) ​Damage to water supply and drainage pipes (including water supply and drainage pipes buried on the site) and drainage catch basins
2. The Seller's liability to the Buyer for nonconformity with the contract as set forth in the preceding However, if the purpose for which this contract was concluded cannot be achieved due to the nonconformity of the land as set forth in the preceding paragraph, the Buyer may cancel this contract with the Seller. shall be limited to repair, and the Buyer may not make a claim against the Seller for breach of contract, cancellation of this Contract, reduction of the purchase price, or compensation for damages, other than a claim for repair of the nonconformity as set forth in the preceding Article. However, if the purpose for which this contract was concluded cannot be achieved due to the nonconformity of the land as set forth in the preceding paragraph, the Buyer may cancel this contract with the Seller.
3. The scope of repair of the nonconformity of the building set forth in the preceding paragraph shall be in accordance with the description of "Scope of Repair of Building, etc." in the Appendix (Scope of Repair, etc.).
4. When the Buyer discovers a contractual nonconformity under Paragraph 1 regarding the Property, the Buyer shall promptly notify the Seller and give the Seller an opportunity to be present, except in cases where the repair is urgent.
5. The Seller shall be liable to the Buyer hereunder even if the Seller did not know of the contractual non-conformity described in Paragraph 1 at the time of the conclusion of this Contract, but if the Buyer knew of the contractual non-conformity at the time of the conclusion of this Contract, the Seller shall not be liable hereunder.
Article 14: ​Delivery and repair of the equipment
1. The Seller shall deliver to the Buyer each equipment that is marked "Yes" in the "Availability of Equipment" column in the attached "Equipment List".
2. The Seller shall deliver to the Buyer, among the equipment delivered in accordance with the preceding paragraph, only the "main equipment" marked "None" in the "Failures and Defects" column shall be delivered in a usable condition.
3. The Seller shall not be liable to the Buyer for any contractual nonconformity with respect to the equipment. However, with respect to the "Major Facilities" indicated as "None" in the "Failure/Defect" column of the "Equipment List" in the preceding paragraph, the Seller shall be liable to the Buyer for repair only for failures or defects for which notice is received within 7 days of the date of the completion of delivery. The scope of repair, etc. shall be in accordance with the description of "Scope of Repair of Equipment" in the Appendix (Scope of Repair, etc.).
4. The Seller shall not be liable to the Buyer for any failure or malfunction of any equipment other than the "Major Equipment" and "Major Equipment" which are marked "Yes" in the "Failure or Defect" column of the "Major Equipment" and for any equipment not listed in the "Equipment List".
Article 15: Release of the deposit
1. The Seller and the Buyer may cancel this Contract by written notice to each other up to the stated deposit release date.
2. If the Seller cancels this Contract pursuant to the preceding paragraph, the Seller must actually return to the Buyer the deposit and other money received. ​If the Buyer cancels this Contract pursuant to the preceding paragraph, the Buyer waives any claim against the Seller for the return of the deposit paid.

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5/13/2022

Real Estate Sales Contract Clauses 6-10

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Real Estate Sales Contract Clauses 6-10

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Article 6: Date of ownership transfer
The ownership of the Property shall be transferred from the Seller to the Buyer when the Buyer pays the Seller the full amount of the purchase price and the Seller receives the payment.
Article 7: Delivery
1. The Seller shall deliver the Property to the Buyer on the indicated delivery date.
2. Upon delivery of the Property, the Seller and the Buyer shall prepare a document stating the date of completion of delivery (hereinafter referred to as the "Date of Completion of Delivery").
Article 8: ​Cancellation of mortgage
The Seller shall, at its responsibility and at its expense, remove and extinguish any liens, mortgages or other security interests, superficies, leaseholds or other usufructuary rights, or any other burdens, regardless of their nominal form, that prevent the Buyer from attaining the full title to the Property by the time of transfer of ownership under Article 6.
Article 9: ​Registration of ownership transfer
1. ​The Seller shall apply for the registration of ownership transfer of the Property to the name of the Buyer upon receipt of the full amount of the purchase price.
2. Of the expenses required for the application for registration set forth in the preceding paragraph, the Buyer shall bear the expenses for registration and registration costs related to the sale.
Article 10: Loss or damage before completion of delivery
1. The Seller and the Buyer may terminate this contract by mutual written notice if, prior to the completion of delivery of the Property, the Property is lost or damaged due to a natural disaster or other cause beyond the control of either the Seller or the Buyer, and it is impossible to repair the damage or excessive costs are required to repair the damage, making the fulfillment of this contract impossible. The Buyer may terminate this contract by written notice to each other. The Buyer may also refuse to pay the purchase price until this Contract is terminated.
2. If the Property is damaged for any of the reasons set forth in the preceding paragraph before the completion of delivery of the Property, but the fulfillment of this Contract is possible by repairing the Property, the Seller shall repair the Property and deliver it to the Buyer.
3. Upon termination of this Contract pursuant to Article 1, the Seller shall promptly return the money received to the Buyer without interest.

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5/10/2022

Real Estate Sales  Contract Clauses 1-5

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Real Estate Sales Contract Clauses 1-5

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Article 1: Property sold and sales price
The Seller sold to the Buyer the indicated land (hereinafter referred to as "Land") and the indicated building (hereinafter referred to as "Building"; Land and Building collectively referred to as the "Property") for the indicated sales price (hereinafter referred to as the "Sales Price"), and the Buyer purchased the Property.
Article 2: Deposit
​1. The Buyer shall pay to the Seller the stated deposit (hereinafter referred to as the "Deposit")  upon conclusion of this Contract.
​2. The Seller and the Buyer shall apply the Deposit to a portion of the Purchase Price without interest at the time of payment of the indicated remaining balance (hereinafter referred to as the "Remaining Balance"). 
Article 3: Date and method of payment
The Buyer shall pay to the Seller the purchase price, the indicated deposit (the "Deposit") and the balance of the purchase price in cash or by deposit check by the respective payment dates indicated.
Article 4: ​Area subject to sale 
The Seller and the Buyer shall regard the area of the Property to be sold as the area indicated, and shall not make any claim against each other for any change in the sales price or any other claim, even if the said area differs from the area measured in the survey.
Article 5: Boundary demarcation
The Seller shall clearly indicate the boundary of the land to the Buyer by showing a boundary marker on site by the date of payment of the balance due. In addition, when there is no boundary marker, the Seller shall set a new boundary marker and clearly indicate the boundary to the Buyer at its responsibility and burden. However, the installation of a boundary marker can be omitted for the boundary line between the road (including a private road) and the land.

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