Closing
Step To Ownership
Step5.Closing
(A) Process and Procedures to Finalize the Transaction
- Verification of the contents of the registration forms.
An application to register the passing of title shall be made. The application to register will be made by submitting the necessary documents to a judicial scrivener who will carry out the registration on your behalf. - Payment of the outstanding balance
You will pay the purchase price less the down payment and any other money paid on your account. - Payment of applicable amount of property tax and other fees
You will pay a pro-rated amount of the property tax applicable to the buyer, the property title registration fee and other fees. - Receiving documents
- For condominium property
- You will receive by-laws of home owners' association, information kits, warranty certificates and manuals covering equipment and fixtures installed in the condominium unit.
- For land and/or building property
- You will receive a land survey drawing, statement of confirmation property lines, notice of verification of building construction (certificate of inspection), warranty certificate and manuals covering the equipment and fixtures installed in the building property.
- Delivery of keys
At the time of releasing a complete set of keys to the buyer, a form, "Confirmation of Property Transfer" will be signed by each party and give it to the other party. - Other Payments
You will pay any outstanding balance due on the brokerage commission and any other service fees.
(B) Required Documents and Fees at The Time of The Final Payment
To close the sale / purchase agreement, you will need the following at the time of the final payments.
Depending on the type of property that you purchased, specific documents and fees are required. The following shows a list of fees and documents required for residential property purchases.
For other types of property, information on requirements is available at Mitsui Real Plan Center.
- Outstanding balance due on the purchase price of property
- Outstanding balance of the brokerage commission
- Registration fee(property registration & license tax, handling service fee charged by Judicial scrivener)
- Property tax, City planning tax, Home owners' association / Property management fee and other charges.
*These amounts will be pro-rated based on the number of the days of ownership.
- Certificate of Residency issued by a municipal district office
- Registered personal seal
- Certificate of registered personal seal (with an issuance date within the past three months)
*required only when a mortgage lender is listed on the property title.
(C) Ownership Title Registration Procedures
Registration of property title means to record the ownweship of a property on a public record.
This procedure assures that property transactions are secured and legal.
Due to the complexities of the process, judicial scriveners generally handle this matter.
The judicial scriveners will, on your behalf, complete the necessary registration application documents to be filed with the Legal Affairs Bureau.
Upon receiving filed and recorded property title registration documents (Property Title Deed) from your judicial scrivener, you should keep them in a secure place to ensure they are not lost or damaged in as much as the statement of rights upon registration cannot be reissued.
