Uritate


Uritate (売り建て) – a kind of real estate that includes as a prerequisite to purchase, the promise to build on said real estate, along with a specified builder or construction firm that will undertake the contract. Although there are anti-monopoly laws here in Japan that govern this aspect of the construction industry, it can be circumvented by attaching the clause “建築条件付き宅地 (meaning, land with building conditions attached)”, and allowing up to 3 months to finalize the building contract from the time of the land sale.

You should note here that this kind of realty, although technically legal, is often associated with fishy practices. For example, never allow the realtor to rush you into signing a contract for both land and building simultaneously. As mentioned above, by law you have up to 3 months before needing to sign the building contract, during which time you can carefully look through the fine print of the various terms and conditions as well as what exactly you’re getting in the bargain in terms of the attached builder.

Such realtors often work in league with equally shady construction firms, making it beneficial for them to close contracts quickly and quietly before clients can really ascertain what exactly they’re getting in the bargain. In this way, houses can be made cheaper with higher profit margins. Contracts will often have fine print detailing scenarios where the client can’t do this or that. These scenarios are often deal-breakers for the given price, but because they were overlooked, allow the construction firm to throw the house up cheaply and quickly, with huge profits.

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