Realizing a new real estate trade style to cope with post-COVID19 "New Norms"
- We start to provide remote Real Estate Contract Important Matters Explanation services by TV conferences systems with your PC, smart phone, or tablet.
Resort Innovation participates in a field trial led by Japanese national government, named "the social experiment for real estate important matters explanation enabled by information technology" directed by Ministry of Land, Infrastructure, Transport and Tourism of Japan, and will contribute to establish a new real estate trade style to cope with "New Norms" in post-COVID19 era.
In accordance with the provisions of Article 35 of the Real Estate Transaction Business Law of Japan, a real estate agent such as us is obliged to conduct a face-to-face meeting with the buyer to explain the contents of the contract and important matters concerning the property, when brokering a real estate sales contract between the seller and the buyer.
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) has been conducting a social experiment to have a real estate broker explain important matters in a non-face-to-face, remote manner using information technology (IT), such as a computer screen, instead of face-to-face explanations obliged by law. The scope of the transaction was first limited to leasing transactions in FY 2015 and then expanded to include inter-company sales transactions in FY 2017. The experiment was finally expanded to include sales transactions involving individuals in October 2019.
Considering social trends and regulations aimed at preventing the spread of the COVID19, which began at the beginning of 2020, and customer requests for safe and secure real estate transactions even in such a severe environment, we have applied to participate in this social experiment to MLIT, and in May 2020, we were admitted as a participant real estate broker. (MLIT Reg # 000172 for IT-based important matter explanation enabled real estate broker) With this registration, we will take this opportunity to proactively introduce a video conferencing system to conduct a real estate important matters explanation session in a majority of our future real estate sales transactions, providing an environment in which real estate sales transactions can be completed without face-to-face contact.
The video conferencing systems that we recommend our customers to use are systems that do not require neither the installation of any special applications or software on customer-owned equipment (e.g., computers) nor the registration of a user account. In addition, we provide an environment that simulates a face-to-face explanation by showing the video of our explanatory person (licensed real estate notary), the subject part of the explained document (printed form of the important matters explanation document and the real estate sales contract will be sent to you in advance by post), the real estate notary license card with photo on the screen simultaneously.
The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) has been conducting a social experiment to have a real estate broker explain important matters in a non-face-to-face, remote manner using information technology (IT), such as a computer screen, instead of face-to-face explanations obliged by law. The scope of the transaction was first limited to leasing transactions in FY 2015 and then expanded to include inter-company sales transactions in FY 2017. The experiment was finally expanded to include sales transactions involving individuals in October 2019.
Considering social trends and regulations aimed at preventing the spread of the COVID19, which began at the beginning of 2020, and customer requests for safe and secure real estate transactions even in such a severe environment, we have applied to participate in this social experiment to MLIT, and in May 2020, we were admitted as a participant real estate broker. (MLIT Reg # 000172 for IT-based important matter explanation enabled real estate broker) With this registration, we will take this opportunity to proactively introduce a video conferencing system to conduct a real estate important matters explanation session in a majority of our future real estate sales transactions, providing an environment in which real estate sales transactions can be completed without face-to-face contact.
The video conferencing systems that we recommend our customers to use are systems that do not require neither the installation of any special applications or software on customer-owned equipment (e.g., computers) nor the registration of a user account. In addition, we provide an environment that simulates a face-to-face explanation by showing the video of our explanatory person (licensed real estate notary), the subject part of the explained document (printed form of the important matters explanation document and the real estate sales contract will be sent to you in advance by post), the real estate notary license card with photo on the screen simultaneously.
At the time of the real estate sale contract, a customer who wishes to have an important matters explanation session with us through the video conference is required to sign an agreement form prescribed by the MLIT in advance, and to fill out a participant survey on the MLIT website afterwards (two times, immediately after and three months after the transaction).
In accordance with the MLIT's guidelines for performing the social experiment, we will record and retain the video and audio data for a certain period of time, including the customer's video during the the important matters explanation session such as the one the above screen screenshot example.
Through our participation in this social experiment and the implementation of teleconferencing to execute legally required important matters explanation process, we will make a positive contribution to the realization of a "new real estate transaction style" in the post-COVID19 era.
In accordance with the MLIT's guidelines for performing the social experiment, we will record and retain the video and audio data for a certain period of time, including the customer's video during the the important matters explanation session such as the one the above screen screenshot example.
Through our participation in this social experiment and the implementation of teleconferencing to execute legally required important matters explanation process, we will make a positive contribution to the realization of a "new real estate transaction style" in the post-COVID19 era.