Yes, a foreigner can buy property in Japan
Purchase flow, List of cost required for purchasing besides real estate price, Points to note for not residents in Japan
- View the data of the property on the net information by websites
- Preliminary inspection of the property by visiting Japan
Go to see the surrounding environment and appearance many times
For those really like, contact and ask the Real Estate Brokerage Company and look inside.
If you need refurbishment, visit with a designer/ expert and calculate the budget by total cost.
- (in case of purchase decision) Submit a certificate of purchase
- Receive a real estate sales certificate when the seller’s consent is obtained
- Receive the contents of important matter description and sales contract form from the real estate company as data, check details such as status, special contract, delivery time etc.
- Conclude sales contract and pay deposit
- From the latter half of the contract to settlement / registration within 1 month
List of cost required for purchasing besides real estate price
In general, it is said that around 10% of the price of the property is added when the expenses are summed up.
- Clearing of fixed asset taxes and metro planning taxes
(The fixed asset tax is a tax levied on those who hold fixed assets by the local tax office having jurisdiction where the fixed asset is located every year. The fixed assets are land, buildings, depreciable assets and so on. The metro planning tax is a tax in which the Japanese local tax office levies on those who hold land and buildings they have jurisdiction over. It is based on metro planning law. Those who hold the fixed asset are owners who are registered in the land tax registry, building tax registry or owner’s registry on 1st January every year.)【to seller】
- Brokerage fee (commission)
(Real estate price x 3% +60,000JPY ) + consumption tax 【to real estate company】
- Registration fee and tax
(registration tax is the tax levied on those who apply for a registration application for a transfer of titles in regard to real estate sales, purchase transactions and so on
Registration of ownership and other legal interests in land and buildings (such as mortgages), and registration of transfers etc. of ownership and other interests are subject to a registration tax.) 【to judicial scrivener】
- Stamp tax is a tax that is levied on documents
The transfer agreement for real estate is one of the taxable documents. Put the stamps of paper strips on the contract documents. Each executed version of an agreement must have a stamp affixed, with the cost of the stamp depending on the value/face amount of the agreement.
- Insurance premiums
such as fire insurance and earthquake insurance 【Discuss with insurance company separately 】
- Real estate acquisition tax
(Taxation price) x tax rate(building : 3% or 4% land : 4% ) = tax amount 【Liaison from the authorities later】
Points to note for not residents in Japan
In second-hand home sales, inspection of building is not normally done as a responsibility of the seller or the intermediary. There are statements about what the seller knows. Building inspection will be done by the experts according to the buyers expenses and responsibilities.
- Japanese bank loan can not be used
- It is necessary to report to the Minister of Finance after purchase by the Foreign Exchange law (at own responsibility)
- Required Documents and Seal
◎ Affidavit / non green card holders
Name, address, identification card number, date of birth are listed and notaries issue it.
◎ Passport and ID Card
When registering real estate, the address of the country of residence is registered. Documents such as a living card etc. are necessary when there is no mention of conforming address on the passport.
◎ A seal of your name
Please prepare a seal because it is necessary to stamp the document in Japan, such as sales contract. You can also order by proxy. Cost is within 1000 JPY.