Japan is to conduct a trial of online property transaction, Nikkei Newspaper reported. The trial is to begin from this summer for corporate and individual deals, and upon receiving feedback from stakeholders, the new policy will be implemented.
Under the current Japanese law, when a buyer is to close a property transaction, a registered real estate broker must be physically present and brief a detail of the agreement “face-to-face” to a buyer. It means an overseas buyer must travel to Japan at least once to close a deal. This online move will eliminate an extraneous travel – allowing a buyer to secure a property from a distant location with a speedy manner.