Inherited real estate registration becomes mandatory in April, with a 100,000 yen fine for non-registration

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The Ministry of Justice:Application for inheritance registration will be mandatory from April 1, 2024 (moj.go.jp)

In order to prevent disaster recovery and urban development from becoming unclear as to who owns the land, registration of inherited real estate will become mandatory from April 1. If you do not register within a certain period of time without a valid reason such as serious illness or difficulty, you may be subject to a fine of up to 100,000 yen. Real estate that has already been inherited will also need to be registered, and many people are likely to be subject to this requirement. Early confirmation of the situation and procedures are required.

Niseko real estate company CEO’s perspective

“Wilderness Business” There was a time when there was a bubble in Japan, when it was believed that if you owned land, the price would definitely rise.

Unscrupulous traders simply buy empty fields and forests at reasonable prices and divide the land into sections. On the drawings, it looks like a completed subdivision. For those who don’t know the area, it looks like a very attractive place, such as being close to ski resorts, having hot springs, and being close to tourist spots.

However, the reality is that some land cannot be built because there is no road, some land requires a huge amount of money and effort to clear snow, and it is common for us professional real estate agents to buy and sell land that we would never buy. There was a time when it was rampant.

These are the traces of wilderness trading that are scattered throughout Hokkaido.

The “useless land” that was bought and sold around 1975 was passed down to children and grandchildren. However, it is extremely rare for heirs who do not know the area to know the value of the land or how to utilize it. In most cases, people think that their parents were tricked into buying by a real estate agent. Additionally, there are still many owners of valuable real estate who have not yet registered the transfer of ownership.

We hope that by making registration mandatory, the ownership of the land will become clearer, and that Hokkaido’s land will be used more effectively.

Reforming Some of Japan’s Fundamental Civil Laws Toward Solving the Issue of Unclaimed Land

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