Japan not only allows foreigners to buy freehold property, they also permit land ownership. You will have the same rights as Japanese citizens when it comes to owning any type of real estate-whether it’s an apartment in Tokyo or a house in Osaka.
Because of this, Japan is one of the safest countries in Asia to buy real estate as a foreigner-at least from a legal point of view. There is practically zero distinction between foreigners and Japanese citizens when it comes to owning any type of property.
First of all you determine the property, you can find yourself or ask me the budget, area preference, yield, the age of the building, tenant’s kind, such as single person, family status or even office and warehouse. Both already occupied and vacant properties are fine to ask me. Half people choose already occupied one the rest of half choose the vacant one. I will help you to find a tenant.
Once you determine the property, you submit the intent of purchase letter. It is valid for 14 days or something. You can hold the property temporally without paying any money. You can change your mind at the last minute. There is not a penalty to cancel it.
You need to make the affidavit in your country or where you stay now. Not in Japan. If you live in Japan you don’t have to make the affidavit you just need a residential letter from the city hall. You need to ask the notary public to make it. I can send you the sample online so he or she just fills it out with the official seal. This is called notarized.
The other documents you need to make is power of attorney for me and the real estate attorney. I will sign the contract and get a key for you and the real estate attorney will transfer the titles for building and land under your name so the real estate attorney and I need the power of attorney from your country or where you stay.
All documents need to be original so they need to be physical mails.
Total 3 documents need to be mailed to Japan to own a property in Japan. They are affidavit and power of attorney for me and the real estate attorney. English is fine for all of them.
Next step is to close the deal. Usually the deposit is 10%-20%of the purchase price. After the funds reach Japan I will sign the contract for you, at this moment the deal is closed. If you cancel the deal you lose a deposit and if the seller cancels the deal he or she has to pay twice of the deposit.
You will talk to the real estate attorney on zoom or Skype, the real estate attorney needs to see your face to confirm your identification.
I will send the invoice of the remaining balance to you afterwards. When the funds reach Japan the titles will be transferred under your name. The property is yours at this moment officially.
After you find a tenant you need to collect the rent. You can ask me to transfer the funds to your country, to do that you need to open the account of WISE. The fee is your responsibility but it is affordable. I can file for the rent income tax for you as you need to pay the tax.
If you are interested in investing in the real estate market please let me know.
Koji Kitada. Licensed real estate sales person.
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