What is real estate buying and selling?

Buying and selling real estate is unique in that it has a large amount of money and a registration system compared to buying and selling general goods. You can also find a seller by yourself, but it may be difficult to match the person who wants to buy and the person who wants to sell, so in many cases, ask a real estate company to mediate and the person who wants to sell and the person who wants to buy. To match and close the transaction.

Real estate buying and selling mechanism

Consider buying and selling common goods. Imagine the food sold at a supermarket. First, farmers make fruits and vegetables and ship them to the market. The person in charge of purchasing at the supermarket purchases at the market, adds profit to the purchased price, and sells at the supermarket. The original purchase price and profit are added, and it comes to the consumer’s hand.

But what about real estate? In the case of real estate, it is rare for a company to buy it once and sell it to another company. Real estate is expensive and requires a fair amount of money to buy. There are also real estate purchasers in the streets, but the purchase price tends to be low. Therefore, in the case of real estate, the brokerage is common.

The mediation in the sale and purchase of real estate is to conclude a contract between the two parties based on the needs of “want to sell (seller)” and “want to buy (buyer)”, The mechanism is completely different from the business format.

Documents required for buying and selling

The documents required to buy and sell real estate differ depending on the three situations: “when selling real estate,” “when concluding an intermediary contract with a real estate company,” and “when concluding a sales contract.”

First of all, there are two documents required when selling real estate.

  1. Documents at the time of purchase (pamphlets, etc.)

If you have something you got at the time of purchase, take it with you. This is useful when a real estate company creates drawings such as room layouts. It does not have to be.

  1. If you have a mortgage left, redemption table

If you are in the process of paying off your mortgage, bring a redemption table with you. Please check for yourself if you can repay all the balance at the desired selling price.

These are the minimum required documents, but you may be asked to prepare a copy of the registry or a certificate of registration at this time.

Also, if you have a drawing of the property, take it with you. You can check the floor plan, etc.

Next, there are three documents required to conclude an intermediary contract with a real estate company.

  • Mediation contract

 

The real estate company will prepare it for you.

  • Seals other than penetrating seals

If it is not a penetrating seal, it may be a seal.

  • Identity verification documents (driver’s license, etc.)

It is necessary to prove that the person who signs the mediation contract is the person. A driver’s license with a photo of your face and an address is common. You can also use your passport.

Finally, there are the main documents required when concluding a sales contract. We will introduce 14 types, but other documents may be required.

  1. Identity verification documents

If there are co-owners in the inherited property, please prepare the identity verification documents for all. Please note that if the co-owner is far away, it will take time to arrange the documents.

  1. Seal certificate

Since the seal used for buying and selling real estate is a real seal, a seal certificate is required. If you have a co-owner, make sure you have the co-owners as well. The seal certificate is valid for 3 months, so please obtain it when requested by the real estate company.

  1. Resident’s card

Required only if the registered address and the current address are different.

  1. Register copy or registration certificate

The contents are the same for both, and the registration items of the real estate are described.

  1. Certificate of title (registered title or registered identification information)

This is a document to prove that the registered owner is the owner of the real estate.

  1. Building confirmation / inspection certificate

It is a document certifying that the building complies with the Building Standards Act and has passed the inspection. By the way, it is necessary for the buyer to make a mortgage.

  1. Seismic diagnosis report / asbestos use survey report

This report is issued when a building built before the new seismic standard is applied and has undergone a seismic diagnosis. If you are under investigation for asbestos, please also present your report.

 

  1. Property tax payment notice

It is necessary to settle the property tax accompanying the sale.

  1. For condominiums: Homeowner association / Minutes of management association general meeting

You can check the rules regarding management fees, repair reserves, pet breeding, etc.

  1. For single-family homes: Land survey map / boundary confirmation

It is a document to clarify the boundary of the land.

  1. Bank account

It is an account to receive the sale price.

  1. Half price of brokerage fee

Generally, half of the brokerage fee is paid when concluding a sales contract.

  1. Real seal

Please note that the penetration mark cannot be used.

  1. Revenue stamp fee

Stamp duty is levied on taxable documents stipulated by the Stamp Duty Law, so a stamp fee is also required.

As you can see, the documents required to sell real estate are numerous and complicated, so be sure to prepare them one by one. It is also necessary to devise ways to keep related documents together on a daily basis. It is also important to consult with a real estate company regarding the required documents.

 

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