I have compiled a list of points to consider for foreigners when purchasing a residence in Japan:
- Financing:
Funding from abroad or housing loans from Japanese financial institutions may be required. When applying for a housing loan from a Japanese financial institution, proof of residence status and income may be required. - Choosing a real estate agent:
It is important to choose a trustworthy real estate agent. It is preferable to select an agent who can provide support in English or other languages. - Land rights investigation:
It is important to check the land registry and understand the legal relationships. - Cadastral survey:
It is important to confirm boundaries and area of the land and building. - Building structure and condition assessment:
It is important to investigate the building’s structure and condition, such as earthquake resistance and aging deterioration. - Checking the surrounding environment:
It is important to check the security, living environment, transportation access, and the convenience of facilities such as schools and hospitals. - Insurance enrollment:
It is important to enroll in appropriate insurance, such as fire insurance and earthquake insurance. - Registration procedures:
After purchasing, registration procedures such as transfer of ownership and registration of mortgage rights are required. - Property tax and urban planning tax:
When purchasing a residence, property tax and urban planning tax will be incurred. It is important to check these taxes and incorporate them into the budget. - Legal and tax advisors:
If advice is needed on purchase procedures and taxation, it is advisable to consult with an expert.
By understanding these points and conducting appropriate information gathering and preparation, foreigners can proceed with transactions confidently when purchasing a residence in Japan.
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