The Process of Purchasing Real Estate｜A Guide to Buying Tower Condominiums in Osaka City
We guide you through the process of purchasing a tower condominium in Osaka City in eight steps, from gathering information to closing and after moving in. Premium Real Estate Co., Ltd. specializes in tower condominiums of 20 floors or more in Osaka City and provides one-stop support, from finding a property and arranging a home loan to concluding the contract and completing the handover.
STEP 1 Gathering Information and Financial Planning
First, decide on the area where you would like to live and your approximate budget. We recommend actually walking around the neighborhood to check the route from the station and the living environment, including supermarkets and schools. In addition, creating a financial plan covering “how much of your own funds to use” and “how much you can comfortably repay each month” will make the subsequent property selection smoother.
On this website, in addition to searching for properties by specified criteria, you can also view tower condominium prices and rental market rates in Osaka City. Understanding the market level for each building before proceeding to a viewing makes it easier to assess whether the price is reasonable.
STEP 2 Inquiry and Viewing
Once you find a property that interests you, contact us and view the unit in person. In addition to the interior, points to check include the view, sunlight, noise environment, atmosphere of the entrance and common facilities, and management conditions (notice boards, garbage disposal areas, and the thoroughness of cleaning). Since the living experience in a tower condominium can vary significantly depending on the floor and orientation even within the same building, comparing multiple units can also be effective.
During the viewing, we also welcome questions and consultations regarding home loans and associated costs. Please feel free to ask.
STEP 3 Submitting an Offer to Purchase (Purchase Offer Form)
Once you have decided to purchase, complete and stamp the “Purchase Offer Form (Purchase Application Form)” and present it to the seller. Negotiations regarding conditions such as the price and handover date are generally conducted at this stage.
STEP 4 Preliminary Home Loan Screening
Around the time of submitting your offer, request a preliminary home loan screening from a financial institution. We recommend applying after comparing interest rates and loan types at multiple banks, rather than only at the bank with which you normally do business. Results are usually available within several days to one week.
Main Documents Required for Preliminary Screening
- 【Salary earners】Withholding tax certificates (most recent two years), resident tax determination notice or tax certificate, and identification
- 【Self-employed individuals】Complete tax returns (most recent three tax years, bearing the tax office receipt stamp) and tax payment certificates (Items 1 and 2, for the most recent three tax years)
- ※Additional documents may be requested depending on the financial institution
STEP 5 Execution of the Sale and Purchase Agreement
After receiving an explanation of important matters from a licensed real estate transaction specialist and being satisfied with the contents, you will sign and stamp the sale and purchase agreement. At this time, the buyer pays the seller an earnest money deposit (generally approximately 5–10% of the property price; this varies depending on the contract terms). We will also provide estimates for fire insurance and registration costs.
Items Required at Contract Signing
- Seal (registered seal if using a home loan)
- Earnest money deposit
- Revenue stamp fee (varies depending on the sale price)
- Brokerage fee (half at contract signing and half at handover)
- Identification (such as a driver’s license)
STEP 6 Final Home Loan Screening and Loan Agreement
After the sale and purchase agreement, you proceed with the formal home loan application and final screening. Once approval is granted, you enter into a monetary loan agreement (loan contract) with the financial institution. The procedures for establishing a mortgage on the unit being purchased are also completed at this time, and the process takes approximately one hour.
Main Documents Required for Final Screening and Loan Agreement
- Registered seal, bank-registered seal, and seal registration certificate
- Certificate of residence (listing all family members), identification, and health insurance card
- Proof of income, real estate sale and purchase agreement, and important matters explanation document
- Revenue stamp fee (varies depending on the lending bank)
STEP 7 Settlement (Payment of the Remaining Balance) and Handover
The seller and buyer gather at a financial institution and complete the registration of transfer of ownership and establishment of the mortgage at the same time as payment of the remaining balance (the loan amount is disbursed on the day). Property tax, city planning tax, management fees, and repair reserve contributions are settled on a prorated daily basis as of the handover date. Once the procedures are complete, you will receive the keys and the handover will take place.
STEP 8 Procedures After Moving In and After-Sales Support
After moving in, procedures include paying the real estate acquisition tax and filing your first-year tax return to claim the home loan tax deduction. Do not forget to notify the homeowners’ association. At Premium Real Estate, we continue to support you with consultations regarding renovations after purchase, as well as future relocation, sale, and rental operations.
Frequently Asked Questions
Q. How long does it take from submitting an offer to the handover?
A. If you use a home loan, approximately one to two months from submitting the offer to the handover is a general guideline. Depending on the seller’s circumstances, or if you are purchasing with cash, it may take either less or more time.
Q. What costs are involved besides the property price?
A. Costs include the brokerage fee, registration costs (registration and license tax and judicial scrivener’s fee), revenue stamp fee, home loan administrative fee and guarantee fee, fire insurance premium, prorated settlement of property taxes, and real estate acquisition tax. For a pre-owned condominium, the total is generally approximately 6–9% of the property price, but this varies depending on borrowing conditions and other factors.
Q. How much earnest money is required?
A. Generally, approximately 5–10% of the property price. The amount varies depending on the contract terms, so please consult us when submitting your offer.
Q. Can I consult you about home loans?
A. Yes. We support you from comparing interest rates and terms among multiple financial institutions through the preliminary screening procedures. Please feel free to consult us during the viewing.
For Tower Condominium Purchases, Choose Premium Real Estate
From the property search stage to individual consultations such as “Is it safe to buy this building?”, we assist you with our experience specializing in tower condominiums in Osaka City. By completing free membership registration, you can also receive notifications of new properties and information about properties available exclusively to members.