Contract with Buyer
Step to a Successful Sale
Step5.Step to a Successful Sale
(A) Procedures to Make a Contract
A potential buyer interested in buying your property will submit an "Letter of Intent" form to the contracted broker.
Upon receiving the application form, the lead broker will begin negotiating the terms and conditions of the transaction such as payment method, property delivery date, confirmation of equipment and fixtures attached to the property and so forth.
When all terms and conditions are covered and agreed upon by both parties, the form, "The Agreement for Sale and Purchase of Real Estate" is signed.
(B) "The Agreement for Sale and Purchase of Real Estate"
The sale/purchase of the property is governed by "The Agreement for Sale and Purchase of Real Estate".The purpose of this Agreement is to clarify the conditions of the transaction, the rights and obligations of both seller and buyer, and to ensure a safe and legally binding transaction for both parties.
The Agreement becomes legally effective after both parties affix their signatures and the buyer delivers the down payment. From that point, the rights and obligations of the transaction will be subject to the provisions set forth in the Agreement.
Should you fail to fulfill your contractual obligations, a penalty may be imposed on you. Therefore, it is recommended that you get a clear understanding from the broker concerning each and every provision before signing the Agreement.
(C) What You Will Need for Signing the Agreement
For sale of the property registered in the name of an individual as the title holder, items required at the time of signing the Agreement are, but are not limited to, the following:
Please note that, in addition to the items listed below, other items you will need will differ depending on the type of property concerned. Also, for sale of the property registered by a corporate entity as the title holder, a different set of documents will be needed. For details, please inquire with the Mitsui Real Plan Center.
When the seller is physically present to sign the Agreement:
- Property title deed (to provide to the buyer)
- Registered personal seal
- Certificate of registered personal seal
(with an issuance date within the past three months) - By-laws of Home Owners' Association
- Notice of verification of building construction
(Certificate of inspection) (Memorandum of building Agreement) - Land survey drawing and the statement concerning property lines
(if in existence at the time of contract) - Property tax payment vouchers
- Revenue stamp fee
(amount of the fee varies depending on the sale price of the property) - Alien Registration Card (or other document to verify the seller's identification)
When a Proxy is present to sign the Agreement:
(Proxy may represent on the seller's behalf under certain conditions)
- Proxy statement (signed by the seller with the seller's registered personal seal.)
- Certificate of registered personal seal of the seller.
(One copy with an issuance date within the past three months.) - Registered personal seal and Certificate of registered personal seal of the Proxy
(with an issuance date within the past three months) - Driver's license or other documents to verify the identification of the Proxy
