From Bid and Exclusivity to Due Diligence, SPA, Financing and Closing
Introduction
A foreign investor finds an attractive commercial real estate opportunity in Japan.
The investment team reviews the teaser.
The numbers work.
The property fits the mandate.
The investor submits a Letter of Intent.
Then what happens?
This is where a real estate opportunity begins to turn into a transaction.
A simplified Japanese commercial real estate acquisition may proceed as follows:
Initial Review
↓
LOI / Bid
↓
Buyer Selection
↓
Exclusivity or Preferred-Bidder Status
↓
Due Diligence
↓
Financing
↓
SPA Negotiation
↓
Final Investment Approval
↓
Closing Preparation
↓
Closing
The precise order varies significantly by transaction.
Due diligence and financing may run simultaneously.
SPA negotiation may begin before DD is complete.
Investment committee approval may occur at several stages.
In a competitive process, the seller may also impose a timetable that compresses many of these workstreams into a few weeks.
For a foreign investor, understanding this execution process can be just as important as understanding cap rates or property values.
Winning the bid is not the same as buying the property.
The investor still needs to turn an attractive offer into an executable transaction.
The Short Answer
After an investor submits an LOI for Japanese commercial real estate, the seller typically evaluates the offer together with other factors such as funding certainty, conditions, due diligence requirements and closing schedule.
If selected, the investor may receive exclusivity or preferred-bidder status and begin detailed due diligence.
At the same time, the investor may arrange financing, finalize the acquisition structure, negotiate the Sale and Purchase Agreement, complete internal approvals and prepare for closing.
The transaction is completed only when the contractual closing requirements are satisfied, funds are transferred and the relevant ownership or investment interests are transferred.
The Process at a Glance
| Stage | Main Question |
|---|---|
| LOI / Bid | What are we offering? |
| Buyer Selection | Why should the seller choose us? |
| Exclusivity | Do we control the process? |
| Due Diligence | Is the property what we thought it was? |
| Financing | Can the capital structure actually close? |
| SPA | Who bears which risks? |
| Final Approval | Do we still want to buy? |
| Closing Preparation | Is everything ready simultaneously? |
| Closing | Can money and ownership change hands? |
The LOI: More Than Just a Price
A Letter of Intent is often one of the first formal indications that a buyer is seriously interested in acquiring a property.
Depending on the process, it may also be called:
- LOI
- Indicative offer
- Bid
- Purchase offer
- Expression of interest
The terminology and legal effect can vary.
For Japanese commercial real estate, an LOI may address:
- Proposed purchase price
- Buyer identity
- Acquisition structure
- Financing
- Due diligence
- Closing date
- Conditions
- Exclusivity
- Required internal approvals
- Other commercial terms
One of the most important points for foreign investors is that:
the number at the top of the LOI is not the entire offer.
Two investors can offer the same price and still present very different proposals to the seller.
Price vs. Executability
Consider two bids.
Buyer A
Purchase Price: JPY 20 billion
Conditions:
- Financing not arranged
- Long DD period
- Multiple internal approvals outstanding
- Flexible closing date
- Significant SPA conditions
Buyer B
Purchase Price: JPY 19.8 billion
Conditions:
- Equity committed
- Financing discussions advanced
- AM and advisers appointed
- Short DD period
- Clear approval process
- Defined closing date
Which offer is better?
There is no universal answer.
The seller may choose JPY 20 billion.
But the seller may also value the greater execution certainty of Buyer B.
This leads to an important practical concept:
The economic value of an offer is not always identical to its headline price.
Sellers may consider both:
Price
and
Probability of Execution.
What Makes an LOI Credible?
A credible LOI generally makes it easier for the seller to understand exactly what the buyer is proposing.
Depending on the transaction, useful information may include:
- Buyer entity
- Investor identity
- Purchase price
- Acquisition structure
- Financing status
- DD requirements
- Internal approval status
- Proposed timetable
- Closing date
- Material conditions
A seller evaluating multiple bids is trying to understand not only:
Who is paying the most?
but also:
Who is most likely to close on the terms proposed?
Foreign Investors May Need to Explain Their Capital
A domestic institutional buyer may already be familiar to the seller or broker.
A foreign investor may not be.
That can create additional questions.
For example:
- Who is the ultimate investor?
- Where does the equity come from?
- Who makes the investment decision?
- Is the capital discretionary?
- Has the investor bought in Japan before?
- Does it have a Japanese asset manager?
- How will financing be arranged?
Information that may help establish credibility includes:
- Assets under management
- Investment strategy
- Track record
- Source of capital
- Local AM
- Financing plan
- Approval process
- Decision-making authority
This does not mean foreign investors are inherently disadvantaged.
It means that execution credibility needs to be visible.
A buyer that is globally famous may already have it.
A lesser-known investor may need to demonstrate it.
The Broker Often Becomes an Interpreter of Buyer Credibility
A broker in a competitive sale is not simply transmitting PDFs between buyer and seller.
The broker may be helping the seller understand:
- Which buyers are serious
- Which have capital
- Which can obtain financing
- Which have closed similar transactions
- Which may re-trade
- Which require extensive approvals
- Which can meet the timetable
For a foreign investor, the broker’s understanding of the buyer can therefore matter.
This is one reason consistent market relationships are valuable.
If a broker has already seen an investor:
- Submit credible bids
- Respond quickly
- Explain passes clearly
- Complete DD efficiently
- Close transactions
the next LOI arrives with context.
For more on building deal flow, see How Foreign Investors Actually Source Commercial Real Estate Deals in Japan.
Highest Bid Does Not Always Mean Winning Bid
Real estate sellers obviously care about price.
But institutional sellers may also care about:
- Certainty
- Speed
- Confidentiality
- Conditions
- Reputation
- Funding
- DD scope
- Documentation risk
This becomes particularly important when two bids are relatively close.
A seller may ask:
Which buyer is most likely to reach closing at approximately the price offered?
That final phrase matters:
at approximately the price offered.
Because another risk exists.
Re-Trading
Re-trading occurs when a buyer attempts to change the economics after being selected.
For example:
LOI price:
JPY 20 billion
After DD:
Buyer requests JPY 500 million reduction.
Sometimes there is a legitimate reason.
DD may uncover:
- Unexpected capex
- Structural issues
- Legal problems
- Tenant problems
- Incorrect financial information
- Environmental issues
In those cases, revisiting economics can be reasonable.
But repeatedly bidding aggressively and then trying to renegotiate without material new information can damage a buyer’s reputation.
Practical Point: Your LOI Can Affect Your Next Deal
Institutional real estate markets are repetitive.
The same:
- Brokers
- Developers
- AMs
- Lawyers
- Lenders
- Investors
meet repeatedly across different transactions.
A buyer’s behavior in one process can therefore influence how seriously its next bid is taken.
This is one reason execution reputation can become an economic asset.
Buyer Selection
After bids are received, the seller decides how to proceed.
Possible outcomes include:
Buyer Selected
The seller moves forward with one investor.
Preferred Bidder
One investor receives priority while certain matters remain unresolved.
Shortlist
Several investors continue into another round.
Best and Final Offer
Selected bidders are asked to improve or confirm their terms.
No Sale
The seller decides not to transact.
A foreign investor should not assume that submitting the highest initial number guarantees exclusivity.
The process belongs to the seller unless contractual arrangements provide otherwise.
Exclusivity
Exclusivity is extremely valuable to a buyer.
Why?
Because due diligence costs money.
The buyer may need to engage:
- Lawyers
- Appraisers
- Technical consultants
- Tax advisers
- Accountants
- Lenders
- Insurance advisers
Without exclusivity, the investor could spend substantial time and money while the seller continues negotiating with another buyer.
An exclusivity arrangement may restrict the seller from negotiating with other potential buyers for a specified period.
The precise legal effect depends on the documentation.
Foreign investors should have counsel review the relevant terms rather than assuming that the word “exclusive” has one universal meaning.
Why Sellers Do Not Give Unlimited Exclusivity
From the seller’s perspective, exclusivity creates risk.
Once other bidders are dismissed, the selected buyer gains negotiating leverage.
The seller therefore wants the buyer to move quickly.
This is why exclusivity periods may be relatively tight.
The seller may effectively be saying:
We will stop talking to other buyers, but you must prove quickly that you can close.
That creates a race against time.
The buyer must coordinate several workstreams simultaneously.
Due Diligence Starts
Once sufficient access is granted, detailed DD begins.
The seller may provide a data room containing documents relating to:
- Title
- Leases
- Property operations
- Construction
- Repairs
- Taxes
- Insurance
- Litigation
- Environmental matters
- Financial performance
- Contracts
- Licenses
- Other property information
The buyer’s advisers review these materials and raise questions.
For institutional transactions, DD is typically multidisciplinary.
Legal Due Diligence
Legal counsel may review:
- Ownership
- Registration
- Encumbrances
- Leases
- Material contracts
- Litigation
- Regulatory issues
- Property rights
- Trust documentation
- Corporate matters
Japan records real estate rights through its registration system.
The legal review therefore interacts closely with the real estate registry and transaction documentation.
Technical Due Diligence
Technical advisers may investigate:
- Building condition
- Structural matters
- Mechanical systems
- Electrical systems
- Fire safety
- Seismic issues
- Repairs
- Deferred maintenance
- Future capex
- Environmental matters
For specialist firms, see Major Real Estate Engineering and Technical Due Diligence Firms in Japan.
Financial Due Diligence
Financial review may test:
- Rent roll
- Historical income
- Operating expenses
- Deposits
- Arrears
- Capex
- Budgets
- Other underwriting assumptions
The objective is simple:
Does the information in the data room support the financial model used to submit the bid?
Due Diligence Is Not a Separate World From Underwriting
This distinction is important.
The DD team should not produce reports that sit in a folder while the original financial model remains unchanged.
New information should flow back into underwriting.
For example:
Technical DD finds:
JPY 200 million additional capex
↓
Underwriting changes
↓
Return declines
↓
Investment team reassesses price
The same can happen with:
- Rent assumptions
- Vacancy
- Legal risks
- Financing
- Taxes
- Operating expenses
For more on evaluating the investment itself, see How Foreign Investors Evaluate Commercial Real Estate Deals in Japan.
The Best DD Question Is Not “Did We Find Any Problems?”
Every building has characteristics and risks.
A more useful question is:
Did we find anything that changes the investment decision?
A DD finding may affect:
Price
SPA protection
Financing
Capex
Closing conditions
Business plan
or
the decision to walk away.
This is more useful than categorizing every issue simply as “good” or “bad.”
Red Flag Does Not Always Mean Walk Away
Suppose technical DD identifies a major repair requirement.
The investor has several possible responses:
Walk Away
if the risk is unacceptable.
Reduce Price
to compensate economically.
Require Seller Remediation
before closing.
Modify the SPA
to allocate the risk.
Increase Capex Budget
if the investment still meets returns.
This is why DD is part of negotiation.
It converts newly discovered information into transaction decisions.
Financing Runs in Parallel
For leveraged acquisitions, the lender may be performing its own analysis while buyer DD continues.
The lender may require:
- Property information
- Borrower information
- Appraisal
- Engineering report
- Cash-flow model
- Lease information
- Legal documentation
- KYC
- Corporate documents
This creates an important practical dependency.
The buyer may be ready to buy while the lender is not yet ready to lend.
Financing therefore needs to be managed against the acquisition timetable.
For more, see Commercial Real Estate Financing in Japan for Foreign Investors.
The Financing Condition Can Matter to the Seller
Some buyers may submit an offer subject to financing.
Others may have greater funding certainty.
From the seller’s perspective, a financing condition can introduce execution risk.
This does not mean leveraged buyers cannot compete effectively.
Institutional transactions are frequently financed.
But the investor should understand how its funding condition compares with competing offers.
A seller may prefer a buyer that can demonstrate:
- Advanced lender discussions
- Strong lender relationships
- Conservative leverage
- Alternative funding
- Ability to close with equity if necessary
The appropriate approach depends on the investor.
Never imply funding certainty that does not actually exist.
Acquisition Structure Must Also Be Ready
Foreign institutional investors often use acquisition structures rather than holding Japanese commercial real estate directly, depending on tax, financing, regulatory and investment considerations.
Depending on the transaction, structures may involve:
- GK-TK
- TMK
- Trust beneficiary interests
- Other vehicles or arrangements
Structuring can affect:
- Tax
- Financing
- Regulation
- Documentation
- Closing mechanics
For more, see Understanding Japanese Real Estate Investment Structures: GK-TK, TMK and Trust Beneficiary Interests.
This creates another timing issue.
The buyer cannot wait until the night before closing to ask:
Which entity is actually buying the asset?
The acquisition vehicle, banking arrangements, funding path and required documentation need to be prepared in advance.
SPA Negotiation
The Sale and Purchase Agreement converts commercial understanding into legal obligations.
The SPA may address matters including:
- Property
- Purchase price
- Deposit
- Payment
- Closing
- Representations and warranties
- Covenants
- Conditions precedent
- Risk allocation
- Default
- Termination
- Indemnification
- Documents to be delivered
The precise provisions depend on the transaction.
This is where legal counsel becomes especially important.
For examples of firms active in Japanese real estate transactions, see Major Real Estate Law Firms in Japan.
Price Negotiation Does Not End When the LOI Is Accepted
This is an important practical reality.
The buyer may have agreed an indicative price.
But DD can reveal information that changes value.
The question becomes:
Is this genuinely new information, or is the buyer simply trying to renegotiate?
The distinction can affect both:
the current transaction
and
the buyer’s market reputation.
A disciplined buyer should ideally distinguish between:
Known risk already reflected in the bid
and
New material information discovered after the bid.
The first generally should not be used casually to reopen economics.
The second may justify doing so.
What Should Be Solved With Price and What Should Be Solved With the SPA?
Not every risk should result in a price reduction.
Some risks can be allocated contractually.
For example, depending on the facts and negotiations, the buyer may seek:
- Seller representation
- Covenant
- Closing condition
- Indemnity
- Remediation
Other risks are better reflected directly in valuation.
This leads to a useful transaction question:
Is this a value problem or a risk-allocation problem?
Sometimes it is both.
Foreign investors unfamiliar with Japanese transaction practice may benefit from discussing this distinction closely with local counsel and the AM.
Investment Committee Returns
The investment committee may have approved the initial bid.
That does not necessarily mean the acquisition has final approval.
After DD, the investment team may return with updated information.
For example:
Initial Underwriting
Purchase Price: JPY 20 billion
Expected IRR: 12%
↓
After DD
Additional capex: JPY 200 million
Financing cost: +20 bps
Rent growth assumption reduced
↓
Revised IRR: 10.8%
The IC must now decide:
Does the investment still meet requirements?
This is why DD should be allowed to change the decision.
The objective is not to reach closing at all costs.
The objective is to close only if the investment still makes sense.
The Most Dangerous Phrase in a Transaction: “We Have Already Come This Far”
By this stage, the investor may have spent:
- Legal fees
- Technical DD fees
- Appraisal fees
- Tax fees
- Travel expenses
- Internal resources
- Management time
There can be psychological pressure to continue.
But sunk costs should not determine whether the investor buys an unattractive asset.
The correct question remains:
Would we still approve this investment today based on what we now know?
If the answer is no, the fact that substantial DD has already been completed does not make the investment better.
Closing Preparation
Once the parties are moving toward closing, transaction management becomes critical.
Closing may require coordination among:
- Buyer
- Seller
- Asset manager
- Lawyers
- Lender
- Judicial scrivener
- Trust bank
- Tax advisers
- Property manager
- Operator
- Banking institutions
- Other transaction parties
Everyone needs to be ready at approximately the same time.
Closing Is a Coordination Problem
Consider the dependencies.
Equity Funding
Capital must reach the correct account.
Loan Funding
Lender conditions must be satisfied.
Purchase Price Payment
Seller must receive funds.
Property / Beneficiary Interest Transfer
Transfer documentation must be ready.
Registration or Other Transfer Procedures
Relevant filings and procedures must be coordinated.
Delivery of Documents
Required documents must be exchanged.
Operational Handover
Management and operational responsibilities may need to transfer.
If one element fails, closing may be delayed.
This is why transaction execution can become surprisingly operational.
The Judicial Scrivener
Japan has a professional role that may be unfamiliar to foreign investors:
judicial scrivener.
Judicial scriveners handle procedures relating to real estate registration and other legal registrations within their permitted professional scope.
In a direct real estate acquisition, registration of the ownership transfer is an important part of closing.
The judicial scrivener therefore may play an important role in coordinating the registration process.
Registration Matters
In Japan, registration is important because a purchaser generally cannot assert ownership against third parties without registration.
Closing therefore involves more than simply wiring the purchase price.
The legal transfer and registration process must also be coordinated correctly.
Closing Funds Need Planning
Large real estate transactions involve significant money movement.
The buyer may need to coordinate:
- Equity contributions
- Loan drawdown
- Purchase price
- Taxes
- Fees
- Closing adjustments
- Deposits
- Working capital
Funding instructions should be verified carefully.
Questions include:
- Which account sends equity?
- Which account receives debt?
- Which account pays the seller?
- When must funds arrive?
- Who confirms receipt?
- What documents are required before release?
A transaction can be economically and legally ready but still fail to close on schedule if money movement is not prepared.
KYC Is Not an Administrative Afterthought
Foreign investors should expect Know Your Customer and anti-money-laundering procedures.
Depending on the parties involved, requests may include:
- Corporate registration documents
- Ownership information
- Ultimate beneficial owner information
- Director information
- Identification documents
- Source-of-funds information
- Organizational charts
- Other compliance documentation
These processes can take time, particularly when ownership structures are complex.
Practical Point: Start KYC Early
If a lender, trust bank or other transaction party requires KYC, waiting until just before closing can create avoidable risk.
The investor should identify likely requirements early and begin collecting documents.
Foreign Exchange and Post-Acquisition Reporting
Foreign investors may also need to consider reporting obligations under Japan’s foreign exchange regime depending on the investment.
The specific requirements depend on the transaction and investor.
Legal and regulatory advisers should determine what filings apply.
These issues should not be discovered after closing.
Closing Day Is Not the End
Once the acquisition closes, ownership changes.
But the investment begins.
Post-closing work may include:
- Property management transition
- Operator transition
- Bank account management
- Accounting setup
- Reporting
- Tax compliance
- Insurance
- Business-plan implementation
The acquisition team should therefore coordinate with the post-closing asset management team before the transaction closes.
A clean handover is part of acquisition execution.
Why Transactions Fail Between LOI and Closing
An accepted LOI does not guarantee closing.
Transactions can fail for many reasons.
- DD discovers unacceptable risk
- Financing fails
- Investment committee rejects the final investment
- SPA negotiations fail
- Seller and buyer cannot agree revised economics
- Regulatory issue arises
- Closing condition cannot be satisfied
- Market conditions change
- Internal priorities change
This is why a seller evaluates more than price at the LOI stage.
The seller is not only asking:
Who is offering the highest number?
It may also be asking:
Which offer is most likely to become cash at closing?
Market Perspective: Speed Matters, but Preparedness Creates Speed
Foreign investors sometimes assume that competing effectively in Japan requires:
taking more risk.
But speed often comes from preparation rather than reduced diligence.
A prepared buyer may already have:
- Local AM
- Law firm
- Tax adviser
- Engineering provider
- Appraiser
- Lender relationships
- Investment structure
- KYC documents
- IC process
When an attractive asset appears, the team can begin immediately.
Preparedness creates speed.
Speed creates credibility.
Credibility improves execution.
But speed should not mean skipping DD.
The better solution is to prepare before the opportunity arrives.
How to Become Faster Without Taking More Risk
A foreign investor planning repeat acquisitions in Japan can prepare:
Before the Deal
- Appoint local AM
- Select legal counsel
- Identify lenders
- Determine likely investment structure
- Prepare KYC documents
- Understand IC requirements
- Identify DD providers
Then, when an opportunity appears:
- Underwrite quickly
- Engage advisers quickly
- Start financing quickly
- Start KYC quickly
- Prepare structure quickly
- Submit a credible LOI
This is different from:
cutting corners.
The Three Clocks Running After an LOI
After a buyer submits or wins an LOI, three different clocks begin running.
Clock 1 — Seller Clock
How long will the seller wait?
Clock 2 — Investment Clock
How long does the buyer need to complete DD and obtain approval?
Clock 3 — Financing and Execution Clock
How long do lenders, structures, KYC and closing preparations require?
A successful acquisition requires these clocks to align.
The seller may want to close in six weeks.
The lender may need eight.
The investment committee may meet monthly.
The acquisition structure may need to be established.
Those are execution risks even if everyone likes the property.
The Seven Questions JRJ Would Ask Immediately After Winning a Bid
1. What is our exclusivity?
Understand exactly what protection exists and for how long.
2. What must DD prove?
Identify the assumptions that carry the investment thesis.
3. What can change the price?
Define the difference between known risk and genuinely new information.
4. What does the lender require?
Do not discover lender requirements late.
5. Which entity is buying?
Confirm structure and funding path.
6. What still requires IC approval?
Know what has and has not been approved.
7. What could prevent closing?
Make a list.
Then assign an owner and deadline to each item.
The acquisition team should be able to answer two questions continuously:
Should we buy?
and
Can we execute?
Both matter until closing.
Common Mistakes by New Foreign Investors
Mistake 1 — Treating LOI acceptance as a completed deal
It is not.
Mistake 2 — Starting financing too late
Debt execution can become the critical path.
Mistake 3 — Starting KYC too late
Complex ownership structures can slow compliance review.
Mistake 4 — Treating DD as confirmation rather than investigation
The purpose is to challenge the thesis.
Mistake 5 — Assuming every DD problem requires a price cut
Some issues are better solved through remediation or contractual protection.
Mistake 6 — Re-trading without genuinely new information
This can damage credibility.
Mistake 7 — Underestimating closing mechanics
A deal can be approved and documented but still require careful coordination to close.
Mistake 8 — Focusing only on closing
The asset still needs to be managed after acquisition.
Frequently Asked Questions
Is an LOI legally binding in a Japanese real estate transaction?
The legal effect depends on the wording and circumstances.
Investors should have Japanese counsel review the document rather than assuming all LOIs are non-binding.
What normally comes after an LOI?
If the buyer is selected, the process may move into exclusivity, due diligence, financing, SPA negotiation, final approvals and closing preparation.
Does the highest bidder always win?
No.
Sellers may also consider financing certainty, conditions, DD requirements, timing and execution risk.
What is exclusivity?
Exclusivity generally refers to an arrangement under which the seller agrees, subject to the specific documentation, not to negotiate with other potential buyers for a defined period.
Does exclusivity mean the buyer owns the property?
No.
Ownership or the relevant investment interest transfers only through the applicable transaction and closing procedures.
Can the buyer reduce its price after due diligence?
Potentially.
If DD reveals material new information, the buyer may revisit its underwriting and negotiate.
However, unjustified re-trading can create reputation risk.
When should financing start?
For leveraged acquisitions, financing discussions often need to begin early enough to meet the acquisition timetable.
Who performs due diligence?
Depending on the transaction, DD may involve legal counsel, technical consultants, appraisers, tax advisers, accountants, insurance advisers, lenders, the AM and other specialists.
What is an SPA?
SPA means Sale and Purchase Agreement.
It documents the contractual terms governing the acquisition.
What happens at closing?
The specific mechanics depend on the transaction, but closing generally requires payment, transfer documentation, satisfaction of contractual conditions and completion of the relevant transfer or registration procedures.
Does a foreign buyer need a Japanese judicial scrivener?
For direct real estate transfers requiring registration, a judicial scrivener commonly plays an important role in the registration process.
Are there reporting requirements after a foreign investor buys Japanese real estate?
Potentially.
Applicable requirements depend on the transaction and investor, so legal and regulatory advisers should determine what filings apply.
How long does a commercial real estate acquisition take in Japan?
There is no universal timetable.
The process depends on the transaction, DD scope, financing, structure, seller timetable and documentation.
Conclusion
Submitting an LOI is only the beginning of acquisition execution.
From that point, the investor must coordinate several interconnected workstreams:
Price
Underwriting
Due Diligence
Financing
Legal Documentation
Investment Approval
Funding
and finally:
Closing.
The transaction succeeds only when these workstreams converge.
A buyer may have excellent underwriting but fail to arrange financing.
It may have financing but discover an unacceptable DD issue.
It may resolve DD but fail to negotiate acceptable SPA protection.
It may complete all of those steps but still face a closing problem because KYC, funding or documentation is not ready.
This is why commercial real estate acquisition is not one decision.
It is a sequence of decisions.
At each stage, the investor should keep asking:
Should we still buy?
and:
Can we still close?
The first question protects investment discipline.
The second protects execution.
Both matter.
For foreign investors entering Japan, the practical advantage comes from preparation.
Establish the local team.
Understand the likely structure.
Build lender relationships.
Prepare KYC.
Know the IC process.
Identify advisers.
Then when the right property appears, the investor can move quickly without abandoning discipline.
The fastest buyer is not always the buyer that skips steps.
It is often the buyer that prepared before the process started.
References
- DLA Piper REALWORLD — Steps in the Transaction in Japan
- Withers — Commercial Real Estate Investment Guide: Japan
- Ministry of Land, Infrastructure, Transport and Tourism — Real Estate Industry
- Ministry of Justice — Civil Affairs Bureau
- Bank of Japan — Foreign Exchange and Foreign Trade Act Reporting
Related Articles
- Commercial Real Estate Due Diligence in Japan: A Practical Guide for Foreign Investors
- How Foreign Investors Evaluate Commercial Real Estate Deals in Japan
- Commercial Real Estate Financing in Japan for Foreign Investors
- Understanding Japanese Real Estate Investment Structures: GK-TK, TMK and Trust Beneficiary Interests
- Major Real Estate Law Firms in Japan
- Major Real Estate Engineering and Technical Due Diligence Firms in Japan
- Commercial Real Estate Acquisition Costs in Japan