What matters most when selling a condo often isn't so much the process itself as knowing when it will be done. This article looks at how to work backward from your target move date by adding up the typical duration of each stage, from appraisal through handover, and covers the situations where the timeline tends to run long.
- The overall timeline for selling a condo is easiest to picture by adding up the typical duration of each stage and working backward.
- From appraisal to handover, roughly 3 to 6 months is a typical guideline even when things go smoothly.
- There are three types of brokerage agreement — non-exclusive, exclusive agency, and exclusive right-to-sell — each with different features.
- The time between listing and a buyer showing interest varies depending on the property and how it's priced.
- After the sale contract, settlement and handover typically follow in about 1 to 2 months.
Working Backward from the Typical Duration of Each Stage
The trick to estimating how long selling a condo will take is to add up the typical duration of each stage one by one. As a rough guide: appraisal to signing the brokerage agreement takes about 1 to 2 weeks; from listing to a buyer showing interest, anywhere from a few weeks to a few months; negotiation to the sale contract, about 2 weeks to a month; and the sale contract to settlement and handover, about 1 to 2 months. If your move date or the move-in date for your next home is already set, working backward from that date to figure out when to start listing will help you avoid an unrealistic schedule.
From Appraisal to the Brokerage Agreement
Once you've requested appraisals and chosen which real estate company to work with, you sign a brokerage agreement (baikai keiyaku). There are three types — non-exclusive (ippan baikai), exclusive agency (sen'nin baikai), and exclusive right-to-sell (senzoku sen'nin baikai) — which differ in whether you can approach multiple companies and whether you can find a buyer yourself. At signing, you'll also align with your agent on the asking price and the marketing approach.
The Marketing (Listing) Period
The time between listing and a buyer showing interest varies with pricing, the property's condition, and market conditions. If priced close to the market rate, viewing requests typically start coming in within a few weeks to a few months. While listed, information is distributed widely through your real estate company's site, major property information sites, and registration in REINS. If response is thin, that's a signal to reconsider the price or the marketing materials.
From Negotiation to the Sale Contract
Once a prospective buyer submits an offer after a viewing, you negotiate terms such as price and the handover date. Offers sometimes come in from multiple prospective buyers at the same time, in which case the seller chooses who to proceed with based on price and preferred handover timing. Once terms are agreed, a licensed real estate transaction agent (takuchi tatemono torihiki-shi) explains the key facts before the sale contract is signed and the seller receives the earnest money (tetsukekin) from the buyer. From this stage to settlement and handover typically takes about 1 to 2 months.
From the Sale Contract to Settlement and Handover
After the sale contract, the buyer's mortgage undergoes final screening while both sides prepare the necessary documents. On the day of settlement and handover, receiving the remaining balance, discharging the mortgage (teitōken masshō, if one remains), transferring ownership (shoyūken iten tōki), and handing over the keys all take place on the same day. Sellers need to have finished moving out by the time of settlement.
Cases Where the Timeline Tends to Run Long
A sale mainly runs longer than expected in the following cases. If you list above the market rate, response tends to be weaker and it takes longer for viewing requests to come in. Properties with individual complications — an encroachment, being non-rebuildable, complicated ownership rights, and so on — also tend to make prospective buyers more cautious, which can draw out negotiations. Listing during a soft patch in the overall market can also make it harder to draw the usual level of response. Conversely, pricing close to the market rate and preparing materials and photos that convey the property's appeal tend to make things go relatively smoothly. If response is thin, that's the time to reconsider your price or your marketing materials.
Frequently Asked Questions
How long does it take to sell a condo, from appraisal to handover?
Even when things go smoothly, roughly 3 to 6 months is a typical guideline. From the sale contract to settlement and handover usually takes about 1 to 2 months.
Which type of brokerage agreement should I choose?
Non-exclusive, exclusive agency, and exclusive right-to-sell agreements each have their own features. Choose based on what you'd prefer — whether you want to approach multiple companies, or have one company handle everything with more hands-on support.
What tends to make it take longer to sell?
A timeline tends to run longer when response is weak due to pricing above the market rate, the property's own conditions, or overall market conditions. Reviewing your price or your marketing materials can often help.
Summary
Selling a condo proceeds through appraisal, the brokerage agreement, marketing, negotiation, the sale contract, and settlement/handover, with roughly 3 to 6 months as a typical overall guideline. It's important to understand what's required at each stage and build in a schedule with some room to spare.