You can and should negotiate the price of the property with the owner or agent prior to the transaction. Once there is an agreement, you must write all the details of the procedure including method of payment and other terms on the contract.
The contract is then signed in the presence of a real estate agent or notary hired by the two parties (in this case, you and the seller). If you cannot sign the contract yourself, you can nominate a proxy to sign on your behalf.
You can also negotiate who should pay the taxes and costs regarding the property such as government fees, fee to property registration agent, pay deed tax, etc.
The standard costs incurred by the buyer are:
- Deed tax - 6%
- Stamp duty - 0.1%
- Registration fees - 0.1%
- Notary fees - 0.01% - 0.1%
- Legal fees - 0.05% - 1%
The seller is responsible for paying a share of the real estate agent’s fees. The seller also pays outstanding land and house taxes, utility bills and building managements fees.
As you would do in your own country, carefully check the current conditions of the property before purchase. You should ask for certificates and documents.
Also, the seller should pay the house tax and the land tax before transferring the ownership. Once you have signed the contract you must register it with the local Land Registration Office. You will receive a land registration certificate which lists the transfer date, property size and owner of the land and building and title of the lien, if any.
It should take one day to change the property title once you have registered it with the Land Registration Office. The whole registration process will take around five days.