Hello all,
My wife and I are considering purchasing a 1 or 2 LDK apartment in Tokyo. We are currently residing in British Columbia, Canada but typically visit 2-3 times per year, occasionally for 3-4 weeks or more. We expect that this will continue if not increase in the future, with high likelihood of moving to Japan for 1-2 years within the next couple of years. Plans to rent the space to friends who are travelling to/within Japan and possibly Airbnb if this is allowable by the property (but it’s not a necessity) when we are not using it.
I am currently in Tokyo, and we have looked at some properties. However, we are leaving soon and it’ll be unlikely that we can come to a deal before then. However, considering the yen is weak we are hoping to find some place to buy, and have found many reasonable properties in our budget.
Has anyone purchased property from abroad? Do I need to be physically present to sign all the necessary documents or can this be done virtually? Does anyone have any recommended realtors who specialize in this? I have found a few on Google but curious about your thoughts.
My MIL is willing to check out additional properties when we are gone, on our behalf. Her judgement + photos/videos would be sufficient, I think, in the event we cannot see a property before our departure. Alternatively my wife could extend her stay to check things out, or even return if necessary.
I understand properties in Japan depreciate typically. I would not require a bank loan.
1 comment
If you will be out of Japan for the entire real estate transaction, you are going to need a registered inkan seal and a letter giving someone power of attorney on your behalf. In some cases you will also need a copy of your Jyuminhyo. Your realtor can be your proxy, or your mother in law can fulfill that role.
Once you arrange these documents (the seal registration and the Jyuminhyo), you have about 3 months to buy something, because these documents are only valid for a limited time.
If you are somewhere in Canada then it should be possible to send you documents to sign by express mail so you can renew your seal registration, etc. periodically. But you likely have to be here in Japan for final ceremony where the title is put in your name, or use a proxy as explained above.