ONE MILLION YEN IN CASH ON THE TABLE

[Silversurfer]

I’ve purchased six properties in Japan and I’ve always enjoyed the part where the bank guy, in the bank during closing, tells a clerk, usually a young female, to go and fetch the cash. It’s always a million yen, stacked on the conference table, and laboriously counted out in everyone’s presence. Me, my wife, the seller, the real estate agent, the loan officer and the scrivener. I love the look on the seller’s face when he pockets that thick wad of 10,000 yen notes. Anyone else go through this?

[captainspoke]

No, we haven't gone thru that, but really, that's how you get your kicks?

I can think of many more satisfying things than that.

[Silversurfer]

No, we haven't gone thru that, but really, that's how you get your kicks?

I can think of many more satisfying things than that.

I deal with small regional banks, the big boys don’t want to know me. Just wondering if this is a small bank thing or if anyone else had had the same experience. I think it’s hilarious and maybe a pre-modern throwback to “putting your money on the table”.

[Deep Blue]

Never used cash in a real estate transaction. Sounds like it would raise all kinds of money laundering red flags.

[RetireJapan]

When I got my mortgage I think I received the whole amount in cash, then gave it back so the bank could send it to the seller. But that was after about three hours of signing mortgage paperwork so I might have hallucinated that bit

[TokyoWart]

It did not work that way for us. We all sat in a room but the transfer first of the mortgage money to my bank account then to the seller was all electronic. It would have been a large stack of ichiman notes otherwise.

[eyeswideshut]

No physical cash exchanged when we paid the down-payment on our place. All done by wire transfer as one would expect.

[Silversurfer]

No physical cash exchanged when we paid the down-payment on our place. All done by wire transfer as one would expect.

Again, my down-payment scenario seems to have been different. I opened an account at the bank at the bank’s insistence, and deposited large sums of money into it, proving that I indeed had a substantial down-payment. Stacks of bills. Into the ATM.

[Silversurfer]

It did not work that way for us. We all sat in a room but the transfer first of the mortgage money to my bank account then to the seller was all electronic. It would have been a large stack of ichiman notes otherwise.

Yes, a thick wad, as stated in the opening post. Ye landlubber!

[eagleyes]

Yes I experienced that when I purchased my apaprtment. The owner, the agents on each side and myself in a locked room. I handed over to the owner and he was very embarassed as well. his agent asked him to count to check the amount. Before that I was also very anxious when i went to the bank to pick up the cash. I put quickly in my bag with a locker wire and run away.
Not very pleasant but I was told this is how it works so I just follow. I would have never done this back home...