"Respect" - a real estate inspection business - has started!
--- Seeing the ever-expanding housing stock market, we have started building inspections for the secondhand housings.

January 20, 2000
Mitsui Fudosan Co., Ltd.
Mitsui Real Estate Sales Co., Ltd.

Mitsui Fudosan (head office: Chuo-ku Tokyo, President: Hiromichi Iwasa) and Mitsui Real Estate Sales (head office: Shinjuku-ku, Tokyo, President: Takao Shimizu) will jointly start a real estate inspection business called "Respect", to inspect the conditions of secondhand housings (detached houses and condominiums) by the professional architects.

Real estate inspection is a service industry related to the real estate distribution widely used in the U.S. by which professional architects conduct visual inspections of the buildings. At the time of purchase and/or sales of a secondhand house, an experienced first- or second-class architect will inspect and diagnose the condition of the building, with a charge, from the technical point of view, which may differ from the perspectives of real estate agents. The result of the inspection will be reported to the client.

As it is symbolized in the "Housing Quality Securement Law", approved in June 1999, there are increasing number of clients who desire the release of information on the building performances and conditions. However, the situation with transactions of secondhand housings now faces difficulties in finding appropriate entity who could give professional inspection that would provide information and discernment for the negotiation. In response to this need, we have started the business at some offices of "Mitsui no Re-house Network" in the Metropolitan area.

The service is available to both purchasers and vendors at the time of transaction for secondhand houses. This procedure is practiced almost 100% in secondhand house transactions in the United States, and the majority of the users are the purchasers. It helps to reduce the risk and increase satisfaction for both parties to proceed with transactions after having the better understanding of the building conditions. Moreover, it could also invigorate the transactions on secondhand housings.

For the time being, the service is available only for the clients of "Mitsui no Re-house" program in the Metropolitan area, however, we are planning to expand the service to other clients as well in the future. While promoting this business, we will also seek the possibilities to establish an independent business in a form of a new company, which offers the building inspection from a third party's perspective for private houses at the time of their extensions built and/or reconstruction undergoes, as well as for condominiums in large scale repair work.

Mitsui Fudosan Group will continue to have our eyes fixed on the ever expanding housing stock market, and will focus not only on the transactions of secondhand housings and reforms but also on the further enhancement and diversification of services that meet the clients needs.

Outline of the "Respect", a real estate inspection service

• Trade name:Respect (trademark pending)
• Content of service: Visual inspection (2-3 hours) and an inspection report prepared by an architect.
• Basic rate:¥ 82,000 for wooden detached house, ¥ 67,000 for a condominium unit. (Prices do not include consumption taxes.)
• Inspector: A licensed architect (first class or second class) who has building inspection skill with required experiences. He or she has also completed our training course.
• Offices of the service available (as in January 20, 2000) "Mitsui no Rehouse" Shibuya, Sangenjaya, Gakugeidai, Yoga, Mizonokuchi, Saginuma, Tama Plaza, Azamino, Aobadai, Tsukushino, Ogikubo, Eifukucho "Mitsui no Real Plan Center" all the offices (Shinjuku, Nishi-Azabu, Aoyama, Toritsudai, Meguro, Yoyogi-Uehara, Ginza, Den-en-chofu, Yotsuya-kojimachi, Koishikawa, Seijo, Ogikubo Total of 24 offices
  *We will continue to make more available offices.
• Service available to: The service is available for the clients of "Mitui no Rehouse" program in the Metropolitan area, for both purchasers and vendors in transaction of secondhand houses.
  * Further charges are required for the following cases: Areas not within our service available regions, lot larger than of the set basic content, and a request of photos included in the report.
  * This service does not provide guarantee of the building condition.
  * This service does not include inspections such as destructive inspection, pest inspection, ground inspection, and construction calculation on earth-quake proof.

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