Property Ownership and Buying Procedures in JAPAN
August 23, 2010 - Japan
Property Tenure / Ownership
Freehold is the only type of property tenure in Japan. There is no equivalent system of leasehold property ownership.
There is a property holding system called land lease, but this applies only to the ownership of a building and not the land.
In addition, a "land lease" is granted only under the condition that the building is owned by a company or individual from the actual land owner.
In Japan, land is perceived and registered as a separate asset from buildings.
Therefore, the term "land owner" is normally used instead of "property owner", not only for agricultural land but also for developed land.
Buildings can be owned by strata title although it is not common.
Property Buying Procedure
The procedure of buying a property in Japan is simple and is similar to many Western countries:
1. Submit a purchasing application
2. Signing of contract with an agreed amount of advanced payment/ deposits
3. Apply for a housing loan if necessary
4. Settlement of payment and pay tax
5. Checking and registration of title
* A number of taxes are involved during the purchase and transfer of property as well as on rent generation.
Source: LP Luxury Properties
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