Auction | realpartner

Foreclosure - Process and Support

Auction Process and Support

Highly experienced staff ready to assist!

Real estate auctioning occurs when the court seizes a property from the owner who can no longer afford to pay off his or her mortgaged property. The proceeds from the distressed property auctioned off will be substituted as payment for the mortgage. Anyone can participate in the bidding. What are the advantages and merits of buying a distressed property? It's less time consuming and of course, it is cheaper than what the market value is offering. It will be a difficult task for a first time home owner to do this on their own. Let us be the solution to the problem.

How the system works

Advertisements on Public Notice　

The property will be advertised in courtrooms, the internet and in newspapers. Property details and internal view of the structure may be viewed on the district court’s auction department.

Approx.

2-4

weeks

What we need from you　

Please choose the desired property.

Support from us 　

Detailed explanations and points to bear in mind when bidding on auctioned property. During this stage, consultation is free (*2) of charge, so please don’t hesitate to ask shall you have any questions.

During the bidding stages, please pay security money (20% minimum of the auctioned price), bidding documents, fill in the necessary information for the transfer statement and submit everything to the district court directly in person or via post.

Auction Starts　

Approx.

1 week

What we need from you　

>Deposit of security money

>Fill in the necessary information required for bidding transactions

>Prepare necessary documents

(For individuals: Certificate of residence)
(For corporate: qualification certificate)

Support from us 　

We will provide all necessary and required documents for the auction for you to fill out. We do give advice on bidding prices, however, the price is determined in a matter with the client’s wishes.

Bidding Procedure Ends

Approx.

1 week

Bidding Examinations

The number of bids, as well as the top three bidders (price and name) will be announced in court. The highest bidder will be the “highest purchase offeror.”

Approx.

1 week

After 2 days from the bidding start date, the court will award the highest purchase offeror the “Permission of Sale.”

From this stage, the Permission of Sale will be determined one week later, except in the following cases

Inaccuracies made during the sale procedures
When the purchase offeror has a reason for disqualification
When the debtor, highest purchase offeror or Sashiosae Debtor gets appealed.

Permission of Sale

Approx.

1 week

Unsuccessful Bid　

If the bidding was unsuccessful, the guarantee fee will be reimbursed to you two weeks after the auction start date.

Support from us 　

We will attend the biddings. After the biddings, we will report to you about the bidding details.

We will receive a “Permission of Sale Notice (売却許可決定通知書)from the court. The purchaser will acquire the Certificate of Valuation of Fixed Assets (固定資産評価証明書) and make payments by bank transfer, including the Registration and license tax （登録免許税）before the deadline of payment. It is also necessary for the purchaser to bring necessary documents (Certificate of residence or Qualification residence), postage stamp, and the same stamp (inkan) used during the bidding to court, in order to follow up with payment procedures and the procedures for transfer of ownership registry.

Delivery of "Permission of Sale" Notice

Approx.

1-2

months

What we need from you　

>Bank transfer payments for any remaining payments as well as the registration a license tax.

>Required documents to be prepared:

(For individuals: Certificate of residence)
(For corporate: qualification certificate)

Support from us 　

Other procedures not mentioned (column to the left) will be taken care of by us. After the bank transfer procedures have completed, we will assist you with the court procedures.

Payment Deadline

Other procedures not mentioned (column to the left) will be taken care of by us. After the bank transfer procedures have completed, we will assist you with the court procedures.

Payment Deadline

Approx.

2 weeks

Support from us 　

After all court settlements have been made, we will assist you in the necessary steps to for making a smooth transition.

If there is still vacancy
-If you would like to do renovations to the building, we will give you full support and suggestions with

the help from our affiliated companies.

-If this for investment purposes, we also provide services with assisting owners in building administration.

If there is a possessor of the property
Negotiations with the possessor with will take place in our office. Shall there be any difficulties which occur during the negotiations, it may be necessary to consult with a lawyer. All costs associated with lawyer consultation will be borne by the customer.