A: The process generally involves the following steps:
- Finding a Property: This typically involves working with a real estate agent who has experience with foreign clients.
- Due Diligence: It’s important to conduct thorough due diligence, including a title search to confirm the property's legal owner and check for any liens or encumbrances.
- Signing a Sales Contract: A contract is drawn up by the real estate agent, which outlines the terms of the sale.
- Payment of Purchase Price: In Japan, the purchase price is usually transferred directly to the seller’s bank account.
- Registration of Ownership Transfer: The final step is registering the change of ownership at the Legal Affairs Bureau. This requires submitting the appropriate documents and paying the registration and license taxes.