When Japanese people want to buy, sell or rent real property, we usually use a real estate broker as a go-between in transaction. To establish a relationship with the broker, we enter into an agency agreement.
Despite recent improvements in the legal system, closed-door procedures still persist among brokers. For example, many brokers attach more importance to personal relationships than contracts. Also brokers tend to share information with only a few other brokers.
Until now, no study of these practices has been done. During a four-year period, our research group, headed by Professor Inamoto, surveyed the practices of brokers throughout Tokyo, Osaka and several other prefectures. In the following articles, we will reveal the practices of Japanese brokers and examine the way of real estate transaction in detail.
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