Tokyo Realtors

 

There is no restriction as to who can buy real estate in Tokyo, but it is uncommon for foreign nationals to purchase property here. There are two reasons for this cost of property is very high, and investment in real estate is risky as Tokyo is an earthquake-prone area. But despite these facts, the city has seen a recent surge in property buying by foreign nationals, mainly because interest rates from banks are very low 2 to 3%.

 

Obtaining a loan from a bank may be a little difficult for foreigners as they have to have a financially stable Japanese guarantor. A guarantor is required in order to repay the loan in case of default. It is also necessary to have lived in Japan for some time and to have good credit history. Sometimes getting a loan from a loaning company can be easier, but then interest rates are higher. Recently it has also become easier for foreign nationals to secure mortgages from banks or lenders, especially for those who have lived in Japan for a long period of time.

 

The process of buying property in Tokyo is this After the property has been selected, a Seller's Real Property Disclosure Statement and a Purchase Contract is drafted. Then a 10% deposit is paid to the seller by the buyer and the title is transferred. Both the parties get certificates of seal impressions. Finally the balance payment is paid and the deed is registered. This whole process, which takes 2-3 weeks, also involves taxes Acquisition Tax, Registration License Tax, Judicial Scrivener Fees, and Stamp Tax. Usually a real estate agent is hired to help with the whole process of buying, who also acts as the buyer's translator. The agent also charges a fee for his services.

 

A real estate agent may be hired from one of the many real estate agencies or companies that assist foreign nationals. Their staff speaks fluent English, making communication easy. These agents help buyers from the first stage of selection of property, till the finalization of the deal.  In order to find a realtor of your choice, one of these sources may be searched

 

•  Newspapers The English language newspapers usually have advertisements from realtors.

 

•  Friends Friends who have been in Tokyo for a long time generally know where to find good realtors.

 

•  Internet This is the best source of information. Here are some to get you started:

 

http://www.realestate-tokyo.com

 

http://www.clovera.com

 

http://www.tokyohomesforsale.com

 

http://www.platinum1000.com

 

http://www.housingjapan.net

 
 
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