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5 points you want to keep before requesting real estate sale / real estate assessment

Flow of sales contract

When the buyer is decided, first explain important matters. Important matters are explained to the buyer by the real estate broker before the sales contract is concluded in accordance with Article 35 of the Home Construction Business Law. The explanation of important matters explains the rights listed in the registry and restrictions under the Building Standards Law. After the explanation of important matters is completed, the seller, buyer and intermediary will come together to formally conclude a sales contract. On the day the sales contract is concluded, a deposit will be given and received.

At a later date, the parties will come together to disburse the loan, settle the balance, and register. After these are completed, the property key is finally handed over to the buyer. This completes the contract procedure. However, it is common for all of the above to be completed in one day in the case of low-cost sales and lump-sum cash such as one-room apartments.

What is important matter explanation?

This is an explanation that should be carried out by the intermediary commissioned to sell to the buyer before the sales contract. It is stipulated that a qualified chief of house construction should always give a written explanation to explain this important matter (Article 35 of the House Construction Business Law). Items described in this important matter explanation are the rights listed in the registry (Article 35 No. 1) Restrictions by the City Planning Act and Building Standards Law (No. 2), Private Road Burden (No. 3), Lifeline and Drainage (No. 4), completed shape (No. 5), payment of money, scheduled cancellation of compensation for damages, security measures such as deposits, etc. (No. 6 to No. 12). If the property to be sold is a condominium, the items described in the condominium management rules (common areas, exclusive use rights, detailed rules for use), reserve for repairs, management costs, the name of the management company, the status of building repairs, It must be explained in the important matter explanation (Article 16-2 of the Ordinance for Enforcement of the Housing Construction Business Law). On the seller's side, given that important matters are explained to the buyer, the intermediary commissioning the sale must give a copy of the registry (certificate of entry), management agreements and detailed rules for use of the apartment in advance. Let's keep it.

Details of the contract procedure

The explanation of important matters was intended to help the buyer fully understand the contents of the property. The point of a sales contract is the details of the contract procedure such as the transfer of money. Specifically, the points are the amount of the deposit, how long the deposit can be canceled by waiver, the details of the loan agreement, and the method of settlement of the balance.

1. Deposit

This is the amount of money that will be delivered from the buyer to the seller when the sales contract is concluded, and generally accounts for 5% to 10% of the sale price. Deposits have the property of termination. Withdrawal allowance means that the seller or buyer can cancel the sales contract by paying the equivalent of the deposit. However, a waiver of a deposit does not always mean that the contract can be destroyed. The sales contract stipulates that, for example, "If the date has passed since the conclusion of this contract, it will not be possible to cancel by abandoning the deposit."

2. Loan special contract

A “loan agreement” is a promise to return all sales contracts to a blank slate if the buyer does not have the funds available. A loan covenant is a covenant that returns the sales contract itself to a blank slate if a loan from a financial institution is unavailable. This loan covenant can cause trouble with interpreting its content. Therefore, clearly describe in the sales contract the terms "by when," "how," "how much money should you prepare," and "when you cannot prepare, when should you cancel the contract?" Is important.

3.Balance settlement

Deposits will be received and settled on the date of the sales agreement, while other balances will be settled on a different settlement date. On the day of the settlement of the balance, the execution of the loan, the settlement of the balance, and the application for real estate registration are processed together. Since this is an important procedure, it is necessary to make reasonable schedules in line with the timing of the loan.

Settlement and registration application

Of the real estate trading value, the deposit is paid and received on the date of the contract, but most other payments are made on another settlement date. On this settlement date, the lending by the financial institution and the application for registration by the judicial scrivener will be processed simultaneously. For this reason, on the settlement date, stakeholders generally meet together at the branch of the financial institution that issues the loan.

1. Loan execution

The financial institution sets a mortgage on the purchased property and makes a loan to the buyer of the property to be purchased. (At this time, if the purchased property has an existing mortgage, it is necessary for the seller to release the mortgage. The establishment of a new mortgage and the cancellation of the old mortgage will be performed by a judicial scrivener in a collective application to the registry office. Becomes

2. Payment etc.

The buyer pays the funds obtained through the loan in (1) above to the parties concerned. First, the buyer pays the seller the remaining trading value. Next, the buyer pays the intermediary commission. (Seller also pays brokerage to broker) Buyer pays registration fees and fees to judicial scrivener. In addition, there are payments for expenses incurred in buying and selling. These include the distribution of property tax payments during the year and the distribution of unpaid condominium management costs. This is also settled on the spot according to the sales contract.

3. Application for registration

The procedure for applying for a real estate registration to the registry office is entrusted to a judicial scrivener, a specialist in registration. At this time, the registrations to be applied include registration of transfer of ownership of the property for sale, registration of establishment of a new mortgage for the property for sale, and registration for erasure of existing mortgage. Applications for real estate registration are generally not allowed to be carried over the next day, and must be filed at the registry office on the day of settlement.

About various expenses

The main costs of selling real estate are as follows. Necessary expenses vary depending on the property, so please consult Rich Road for details.

  1. Brokerage commission By simple calculation formula: Contract price x 3% + 6 yen (separate consumption tax)
  2. When there is a mortgage for loan
  3. Stamp fee Stamp fee to be attached to the sales contract

Settlement and registration application

The main costs of selling real estate are as follows. Necessary expenses vary depending on the property, so please consult Rich Road for details. This is a list of necessary documents that are useful to know beforehand.

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