The Ministry of Land, Infrastructure, Transport and Tourism recently released the "Manual for Providing Explanations of Important Matters by Electromagnetic Methods and Explaining Important Matters Using IT" (December 6, Reiwa 6th edition).
Following the partial revision of the Enforcement Regulations of the Real Estate Building Business Act in May 2022, it is now possible to provide documents such as explanations of important matters, contract conclusion documents, and intermediary contract documents via electromagnetic means. The manual, first published in April of the same year, outlines the compliance requirements and key considerations for delivering explanations and other materials electronically and implementing IT-based explanations.
The updated manual incorporates feedback from questionnaires and frequently asked questions by real estate contractors, enhancing the FAQ section. Additionally, a "Handy Guide" has been created to simplify the manual's contents, and an example of obtaining "confirmation of intention (consent)" from the other party for digitizing documents (providing explanations of important matters electronically) has been included.
We are also preparing an explanatory video for the handy guide to assist with the digitization of documents and IT-based explanations.
Real Estate Distribution Research Institute Co., Ltd. "R.E.port"
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