Settlement & Ownership Transfer
Before the ownership transfer, you should do the final check on your property.
Also make sure documents necessary for registration and payment for the rest are ready.
In most cases, rent and security deposit will be calculated on a pro-rata basis.
Things to bring on the settlement day would be:
Receipt (for settlement)
Cash (for closing costs)
※When using loan
Certification of a seal impression (issued within 3 months)
Bank Booklet and Bank registered Seal
If you are using a loan, settlement place would be at your bank.
It’s best to start the settlement in the morning in case of wiring and registration.
Once the seller has confirmed that the rest of the payment arrived in his/her bank account, it should take one or two more hours to finish. Try to avoid to do settlement at the end of a month when banks are busy so it would take so much time even wiring money.
Next you will receive a set of drawing records, all the lease agreements, originals of memorandum.
Finally once you get the keys, you are the new owner of the building now!
- Sale by Private Contract & Sale by Auction
- Price Limit Order
- Settlement & Ownership Transfer
- Ways to Search for Properties
- Documents & Points to check
- Ways to find legit real estate agents, narrow them down, and become their favorite customer
- Gross Yield & Net Yield
- Letter of Intent
- Important Description & Sales Contract