Real Estate Japan | Tokyo, Osaka, Nagoya Properties For Rent & Sale

Timothy Langley

The word “ESCROW” can mean something or nothing depending on where you’re from.  If you’re American, you’re likely familiar with the word in association with the closing of real estate contracts.  If you practice real estate in other parts of the world, you might not have ever heard the word at all.

ESCROW is a different breed of contract.  In escrow, there are three parties where one person (Escrow Agent) is a kind of ‘referee’ of the transaction between the other two.  He is paid by them both and owes to them each, equally, a fiduciary duty.  In every instance, one party entrusts to the Escrow Agent something of value (the corpus) that is to be released to the other party ONLY upon the full-and-complete performance of certain conditions (the escrow agreement).  In real estate this is usually cash but if a loan is involved, then ESCROW might refer to an account that is always funded with enough money to assure payment of property taxes and various insurances for the life of the loan.

In either case, when done right, ESCROW provides an added layer of confidence that adds to the safety of a transaction.  In Japan, the word ESCROW is largely unknown.  When buying property here, the absence of the practice has long been a source of anxiety for buyers.  Real estate agents on the ground here are unfamiliar with the concept and are hard pressed to explain why.

There is an explanation however and there’s also someone who can assist those seeking ESCROW services in Tokyo.

On Thursday, February 23^rd at 2:30pm, Real Estate Japan is proud to present Timothy Langley, long term legal advisor in Tokyo responsible for trailblazing market entries here in Japan for the likes of Apple and Rolls Royce, will join us to clear the fog around ESCROW in Japan and how those interested can incorporate the practice in their transactions.

The live webcast has ended. Watch the archived video here.

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