In Japan, no restriction is laid on the foreigners for buying a property. However , if you wish to take a loan from the Japanese bank, then you will have to be a resident in the country with an income proof. In fact, you can purchase and then resell any type of land in Japan without any restriction. But one thing, you won’t get a Japanese citizenship by owning a real estate property in the country.
DETAILED BUYING GUIDE
- Property choice
The very first thing that you need to perform is the choice of the property. You can either search for the property online or take help from the local Japanese newspaper. Different areas in the country have different types of property and hence, choosing the best one cannot be done while you will be sitting in your own country.
- Hiring a real estate agent
After this, you need to hire a real estate agent. The job of the real estate agent is to look after the various legal matters in Japanese property purchase process.
- Performing the due diligence
This process includes both surveying your financial condition and the physical condition of the property. You do need to make sure that you have enough liquid cash to back up the purchase. And in case, you don’t have enough funds, you can take up a loan.
- Submitting the purchase application form
Once you are satisfied with the condition of the property, you need to submit a purchase application form to the seller. This form will have information regarding the offer price, the payment method, and other facts.
- Drawing the contract
After the seller agrees to the contract, your lawyer will prepare the sale contract in the Japanese language.
- Binding the contract
Once both the lawyers will finish explaining the terms and conditions mentioned in the contract, both of you will have to sign it, with you paying a 10% deposit as a binding money.
- Applying for loan
If you don’t have enough fund, you can choose a loan from the Japanese bank.
- Closing process
On the date of legal signing in front of the clerk, you will have to pay the rest of 90%.
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