Process of Real Estate Purchase

PROSPECTIVE BUYER

Buyer's Property Criteria

The buyer's criteria (e.g., location, budget) for property search
* renovated or non-renovated, house, condo, use of property

STEP 2

REAL ESTATE BROKER

Potential Properties

A list of properties that satisfy the buyer's criteria
* list of properties including use of property such as vacation home, investment, guesthouse etc.

STEP 3

PROSPECTIVE BUYER

Property Viewing

Property visit with a real estate broker
* make an appointment for meeting, meet at hotel, property, station or any other convenient place.

STEP 4

PROSPECTIVE BUYER

Written Offer

Written offer in most cases. A deposit might be required with the offer.
* including negotiation, schedules of contract sign, closing, may able to join or use attorney.

STEP 5

REAL ESTATE BROKER

Negotiation of Offer

Review of the negotiation, finance, schedules of procedures and other related works.
* concluding conditions and arrange schedules.

STEP 6

REAL ESTATE BROKER

Disclosure Statement

Preparation of disclosure statement in accordance with law
* details of property such as title, building, land and related regulations.

STEP 7

PROSPECTIVE BUYER

Contract

Closing of the contract. Closing costs include the stamp duty and agent fees.
* pay 10% as deposit, stamp duty and 1/2 of agency fee at contract, pay remaining at closing.

STEP 8

SELLER AND BUYER

Possession

Possession and title registration after the payment of the amount owed to the seller.
* receive deed and keys, pay all required money for transaction and ownership registration.

STEP 9

BUYER

Moving-in

Arrangement of a property management if necessary.

During the contract closing and possession stages, the following actions are required:
‣preparation of registration documents in lieu of resident proof and name stamp certification;
‣selection of tax agent; and
‣fund transfer for the sale to be reported to the Ministry of Finance in pursuant to the Foreign Exchange Act.