{"id":3642,"date":"2018-07-27T14:39:08","date_gmt":"2018-07-27T05:39:08","guid":{"rendered":"https:\/\/nami-newyork.com\/?page_id=3642"},"modified":"2024-01-31T09:45:10","modified_gmt":"2024-01-31T14:45:10","slug":"sell","status":"publish","type":"page","link":"https:\/\/nami-newyork.com\/en\/sell\/","title":{"rendered":"Sales"},"content":{"rendered":"<h2>Property sales workflow<\/h2>\n<div class=\"step\">\n<p><strong>Step 1\u3000<\/strong>Free consulting (click to confirm details)<\/p>\n<hr class=\"divider\" \/>\n<p>We take the time to fully understand your goals and to explain selling procedures, necessary expenses, etc.<\/p>\n<div class=\"step-inner\">\n<p><strong>Checklist of items &amp; explanations<\/strong><\/p>\n<ul>\n<li>Free Assessment of Property<\/li>\n<li>Confirm desired selling period<\/li>\n<li>Estimate costs during sale<\/li>\n<li>Confirmation of if there are repairs necessary<\/li>\n<li>Legal professionals &amp; accountants &amp; architects and other experts are introduced when required customer.<\/li>\n<\/ul>\n<p>We then proceed to the next steps after fully understanding the needs of the customer.<\/p>\n<\/div>\n<\/div>\n<div class=\"text-center\">\u2193<\/div>\n<div class=\"step\">\n<p><strong>Step 2 <\/strong>Exclusive sales agreement (click to confirm details)<\/p>\n<hr class=\"divider\" \/>\n<div class=\"step-inner\">We conclude an exclusive sales agreement between you and our company.<\/div>\n<\/div>\n<div class=\"text-center\">\u2193<\/div>\n<div class=\"step\">\n<p><strong>Step 3 <\/strong>Property Advertising Activities (Click to check details)<\/p>\n<hr class=\"divider\" \/>\n<div class=\"step-inner\">New York Real Estate Online Property Search Website on Property Information \u00b7 Posting of Property Information on our Home Page \u00b7 Direct email focuses on purchasing applicants and directs properties that appeal to buying candidates with property information. Regular open house events \u00b7 If a satisfactor offer does not fit materialize after more 1 month, we shall review the price.<\/div>\n<\/div>\n<div class=\"text-center\">\u2193<\/div>\n<div class=\"step\">\n<p><strong>Step 4 <\/strong>Offer (click to confirm details)<\/p>\n<hr class=\"divider\" \/>\n<p>Application from property buyer<\/p>\n<div class=\"step-inner\">Requested purchase price \u00b7 Name \u00b7 Mortgage details \u00b7 Social security number \u00b7 Address \u00b7 Attorney information \u00b7 Desired closing date \u00b7 If there is a letter for temporary approval of a loan from the bank, please have it attached. Acquire the buyer&#8217;s as much information about the buy as possible and determine the possibility and reality of a purchase.&#x25b6;<strong>This is important!<\/strong><br \/>\n\u30fbContent of negotiations at the time of sale<br \/>\nPrice\u00b7 Closing date \u00b7 Presence \/ absence of mortgage special contract \u00b7 Necessary repairs if any<\/div>\n<\/div>\n<div class=\"text-center\">\u2193<\/div>\n<div class=\"step\">\n<p><strong>Step 5 <\/strong>Contract (click to confirm details)<\/p>\n<hr class=\"divider\" \/>\n<div class=\"step-inner\">The down payment of 10% is kept in the escrow account. The down payment will be refund<\/div>\n<\/div>\n<div class=\"text-center\">\u2193<\/div>\n<div class=\"step\">\n<p><strong>Step 6 <\/strong>Authorization from condominium management association (click to confirm details)<\/p>\n<hr class=\"divider\" \/>\n<p>Application for permission to move in. It takes 2 to 4 weeks.<\/p>\n<div class=\"step-inner\">If there is any incompleteness in the submitted documents, approval will be delayed as questions are exchanged or additional documents are requested, so we shall review all details before submitting.<\/div>\n<\/div>\n<div class=\"text-center\">\u2193<\/div>\n<div class=\"step\">\n<p><strong>Step 7 <\/strong>Closing (Click to confirm details)<\/p>\n<hr class=\"divider\" \/>\n<div class=\"step-inner\">\n<p><strong>Closing attendance<\/strong>\uff1a<\/p>\n<ul>\n<li>Seller \/ buyer<\/li>\n<li>Seller \/ buyer&#8217;s lawyer<\/li>\n<li>Seller \/ buyer&#8217;s broker<\/li>\n<li>Lawyers from banks<\/li>\n<li>Title Company<\/li>\n<\/ul>\n<p>Seller \/ buyer, if you can not come to the closing, prepare a power of attorney document to be notarized in advance (Notary Public).<br \/>\nIn case there it is necessary to talk about payment for newly found repair spot at the final inspection, be sure to be available by telephone during the time of the closing.<\/p>\n<p><strong>What to bring \/ Seller<\/strong>\uff1a<\/p>\n<ul>\n<li>Identification card in English with pictures (must be the same name as the contract)<\/li>\n<li>Property Transfer Certificate (DEED)<\/li>\n<li>Checkbook<\/li>\n<li>Room key, mailbox key, other keys (parking lot and storage)<\/li>\n<li>LLC Book (when purchased by a corporation)<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p>Congratulations and thank you for completing the transaction.<br \/>\nDuration required from establishment of contract to assignment of ownership: 3 to 6 weeks for cash buyer \/ 1 to 2 months when using a mortgage<br \/>\nWe also coordinate Real Estate Lawyers, Accountants, Mortgage Brokers and Real Estate Appraisers.<\/p>\n<p>* Escrow is an important institution that promotes fairness and the safety of transactions from a neutral standpoint between sellers and buyers enabling smooth transactions. Escrow plays the role of a judicial scrivener, trust bank, notary public, etc., while serving as a substitute legal procedures, payment and registration.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2911\" src=\"https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/AdobeStock_125853888-1-300x198.jpeg\" alt=\"\" width=\"1000\" height=\"660\" srcset=\"https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/AdobeStock_125853888-1-300x198.jpeg 300w, https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/AdobeStock_125853888-1-768x507.jpeg 768w, https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/AdobeStock_125853888-1-1024x676.jpeg 1024w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<h5>Closing cost for sales<\/h5>\n<table>\n<tbody>\n<tr>\n<td colspan=\"3\" rowspan=\"1\">\n<h6>Closing cost for Condominium Apartment (Estimate)<\/h6>\n<\/td>\n<\/tr>\n<tr>\n<td>Attorney Fee<\/td>\n<td>\uff042,000\uff5e\uff045,000<\/td>\n<\/tr>\n<tr>\n<td>Broker Fee<\/td>\n<td>Usually 6% of sales price<\/td>\n<\/tr>\n<tr>\n<td>Title Insurance<\/td>\n<td>\uff041,500\uff5e2,000<\/td>\n<\/tr>\n<tr>\n<td>Reconveyance<\/td>\n<td>when using mortgage<\/td>\n<\/tr>\n<tr>\n<td>CC &amp; RET Adjustment<\/td>\n<td>Prorated on closing date.<\/td>\n<\/tr>\n<tr>\n<td>Renovation &amp; Repair<\/td>\n<td>If necessary<\/td>\n<\/tr>\n<tr>\n<td>Move out deposit refundable<\/td>\n<td>$500-$1,000<\/td>\n<\/tr>\n<tr>\n<td>Move out fee non refundable<\/td>\n<td>$500-$1,000<\/td>\n<\/tr>\n<tr>\n<td>New York State Tax<\/td>\n<td>Move out fee non refundable<\/td>\n<\/tr>\n<tr>\n<td>FIRPTA (Foreign Investment in Real Property Tax Act)<\/td>\n<td>Foreign transfer taxes that are mandatory only for non &#8211; immigrants in the United States. In the case of transfer loss, it is unnecessary if you declare it to the IRS in advance and obtain a Certificate of Exemption . Withholding tax of 10 to 15% * (as of February 16, 2016) of the selling price to the IRS (Internal Revenue Service) within 20 days after selling. The difference is adjusted by the final return of the following year.<\/td>\n<\/tr>\n<tr>\n<td>Transfer Tax (State)<\/td>\n<td>0.4%<\/td>\n<\/tr>\n<tr>\n<td>Transfer Tax (City)<\/td>\n<td>Property price 1% below $ 500K, 1.425% above $ 500K<\/td>\n<\/tr>\n<tr>\n<td>Transfer Tax filing fee<\/td>\n<td>$ 75.00<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>\u203b\u3000Total Expenses: Approximately 8% of the property price<br \/>\n\u203b\u3000Foreign exchange gain: If the depreciation of your home currency is lower than at the time of purchase, foreign exchange gains will be realized.<br \/>\nFor the attorney fee, if there are issues in the period leading to the contract, additional overtime fees may be applied.<\/p>\n<table id=\"table\">\n<tbody>\n<tr>\n<td class=\"b-b-0\" style=\"width: 30%;\">U.S.A.<\/td>\n<td style=\"width: 50%;\">US short-term Capital Gains taxation<\/td>\n<td>10% &#8211; 37%<\/td>\n<\/tr>\n<tr>\n<td class=\"b-t-0\" style=\"width: 30%;\"><\/td>\n<td style=\"width: 50%;\">US long term capital gains taxation<\/td>\n<td>0% or 15% or 20% depending on your taxable income and filing status.<\/td>\n<\/tr>\n<tr>\n<td class=\"b-b-0\" style=\"width: 30%;\">Japan<\/td>\n<td style=\"width: 50%;\">Short-term transferred income (less than 5 years)<\/td>\n<td>39.63% of transferred income<\/td>\n<\/tr>\n<tr>\n<td class=\"b-t-0\" style=\"width: 30%;\"><\/td>\n<td style=\"width: 50%;\">Long-term transferred income (over 5 years)<\/td>\n<td>20.135% of transferred income<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 30%;\">Foreign Tax Deduction (Double Tax Avoidance)<\/td>\n<td style=\"width: 50%;\">In the case of both the US and Japan surplus, income tax paid in the US can be deducted from income tax in Japan.<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u203b\u3000For tax, please consult with an expert.<br \/>\nForeign exchange gain: If the depreciation of the currency you use is lower than at the time of purchase, foreign exchange gains are incurred<br \/>\nFor lawyer&#8217;s use, if there is something wrong in the period until the contract is signed, if additional time is required, an additional fee may be charged.<\/p>\n<h2>Savings effect<\/h2>\n<h3>\u2460 \u00a0\u00a0\u00a0\u00a0When using your property as your home<\/h3>\n<p>If the property is used for home use for 2 years out of a long-term possession period (over 5 years)<br \/>\nCapital gains will be exempted for up to $ 250,000 per person and up to $ 500,000 in a couple&#8217;s name.<br \/>\nEven if someone dies, you can receive a deduction of up to $ 500,000 within two years of death.<br \/>\nTax will be incurred for the excess amount if there is a profit from selling the home of over 250K US (500K US for couples).<br \/>\nIt can be used any number of times throughout the lifetime. (There must be more than 2 years of absence)<\/p>\n<p>&nbsp;<\/p>\n<h3>\u2461 \u00a0\u00a0\u00a0\u00a01031 Tax Deferred Exchanges<\/h3>\n<p>A preferential tax program that can defer the tax on the gain on transfer when the gain on sale of investment property is used for purchasing further investment property. Available many times throughout the lifetime.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2973\" src=\"https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/pexels-photo-302842-300x200.jpeg\" alt=\"\" width=\"449\" height=\"299\" srcset=\"https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/pexels-photo-302842-300x200.jpeg 300w, https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/pexels-photo-302842-768x512.jpeg 768w, https:\/\/nami-newyork.com\/cms\/wp-content\/uploads\/2018\/04\/pexels-photo-302842-1024x683.jpeg 1024w\" sizes=\"auto, (max-width: 449px) 100vw, 449px\" \/><\/p>\n<p>For a free consultation, please do not hesitate to contact us.<\/p>\n<div class=\"inq inq-en\">Contact us<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property sales workflow Step 1\u3000Free consulting (click to confirm details) We take the time to fully understand [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/nami-newyork.com\/en\/sell\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":2892,"parent":0,"menu_order":9,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_locale":"en_US","_original_post":"2121","footnotes":""},"class_list":["post-3642","page","type-page","status-publish","has-post-thumbnail","hentry","en-US"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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