Closing
Step to a Successful Sale
Step6.Step to a Successful Sale
(A) Moving-out
Technically, at the time you receive the proceeds from the sale of the property, you are releasing the property from your possession.
Therefore, you are expected to have vacated the property before the receipt of the proceeds. All outstanding utility bills in your name must be settled upon moving out. For a condominium unit, it is recommended that you organize in one file such documents as the user's manuals for equipment and fixtures, warranties, By-laws of home owners' association, etc.
(B) Outstanding Mortgage
If the property concerned has an unpaid mortgage balance and the lender on the mortgage is recorded as a lien holder, you must pay off all outstanding debt and remove the lien holder from the property title deed.
A judicial scrivener, on your behalf, will conduct the necessary procedures for this purpose. Mitsui Real Plan staff will arrange a conference with a judicial scrivener at your convenience.
- Confirmation of application for registration of property title deed
In order to file an application for the transfer of the property to a new title holder, you are required to submit the necessary documents to a judicial scrivener who will file an application on your behalf. - Receipt of the Proceeds
You will receive the proceeds and issue a receipt to the buyer. - Payment of property tax
You will pay the pro-rated property tax based on the date of the sale of the property. - Delivery of documents concerning the property and building.
For a condominium unit: You will deliver the by-laws of the home owners' association, a property description brochure, the warranties and user's manuals for equipment and fixtures, and so forth.
For land and buildings: the land survey drawing, a statement of confirmation of property lines, a notice of verification of building construction (certificate of inspection), the warranties and user's manuals for equipment and fixtures. - Delivery of keys
You will deliver a complete set of keys to the property - Payment of fees and other charges
You will pay a brokerage commission and other fees as required.
(C)What You Will Need for Receiving the Proceeds:
- Property title deed (registered)
- Registered personal seal
- Certificate of registered personal seal
(with an issuance date within the past three months) - Property tax payment voucher
- Statements and receipts of payments of utilities such as gas, water and electricity.
- By-laws of home owners' association, Property description brochure, Certificate of verification of building construction
- Payment of brokerage commission and separately, general sales tax and regional sales tax
- Some documents related to transfer the ownership (prepared by Judicial scrivener)
