Financing Plan
Step To Ownership
Step1.Financing Plan
(A) Purchasing Costs
"When you make a financing plan for purchasing property, in addition to the actual property cost, you will need to budget for ""other expenses"" related to the purchase such as taxes, brokerage commission and fees.
The total amount of these expenses equals roughly 6-8% of the property cost. For example, if you are buying a ￥100,000,000 property, you will need to budget approximately ￥106,000,000 - ￥108,000,000.
(B) Breakdown of Other Expenses
"The following is a breakdown of ""other expenses"". You will be required to pay for these items as the purchase transaction progresses.
| Revenue stamp fee | Revenue stamps are required to be affixed to The Agreement for Sale and Purchase of Real Estate as well as to the loan agreement. |
|---|---|
| Loan fees | Loan fees typically include a loan processing fee, a loan guarantee fee, and other fees. |
| Insurance premiums | Fire insurance premium, etc. |
| Title registration tax and fee |
Property registration tax： When you file the property title transfer (i.e. Deed) with Legal Affairs Bureau, you are required to pay a property registration tax. The amount of this tax is (1%) of the assessed value of property tax. In addition, if the purchase of the property is financed by a mortgage lender, the tax amount for this registration is 0.4% of the loan amount. Registration service fee： To file the property title registration document, a handling service fee will be charged by the judicial scrivener. |
| Property tax | The amount of annual property tax will be calculated based on the 1.4% of the standardized assessed value of the property. You will pay a pro-rated amount of the annual property tax in accordance with the number of the days of your ownership of the property |
| City-planning tax | The city planning tax is assessed at 0.3% of the standardized assessed value. The amount will be pro-rated in accordance with the number of days of your ownership of the property. |
| Brokerage commission | The amount of the brokerage commission is determined and stipulated in your contract with a realtor of the Mitsui Real Plan Center. The amount will include both general and regional sales taxes. |
| Real estate acquisition tax | For residential property, the amount of the real estate acquisition tax is 3% of the assessed-value of property tax. |
| Other costs | Costs of relocation; moving out and moving in, etc. |
* The above contents including the tax rate may be changed.
