November 4: Preliminary agreement on Nagoya property REACHED!!!

GREAT NEWS!!! The administrative committee of the company that owns the Nagoya property this morning in Tokyo accepted our offer of $1.2 million pending board approval on November 11th!!! This was the first of the two options that we offered – the one with the lower price but without any further responsibilities or guarantees from the company. This was our preferred option as well.

They came into the meeting and let us know that the central air-conditioning system, the boiler, and the water pipes are quite old and may need some repairs. They wanted to disclose this information which we appreciate. We’re contacting our building inspection company to get estimates on possible repairs. Then they said that they agree on our price and conditions! We were a bit concerned that they would raise the price on us which could have prevented us from purchasing the property.

Normally there would be no problems at all with board approval for decisions that the administrative committee has negotiated and proposed. The only x-factor is that the company recently merged with another company so there are some new board members. Though there will very likely be no problems at all we’re encouraging people to pray until the very very end. The company is also eager for us to finalize our payment to them by March 1st because of their need to add some value to their financial books before they close their fiscal year. This timing works out fine for us as it will first of all allow us the 2 months or so that we need to get government exemption from tax on this purchase and it gives us some flexibility on timing of exchanging our funds into yen.

THANK YOU for your prayers! It’s not over till it’s over – but today’s meeting was a great victory and hopefully the beginning of the end of this amazing drama that we’ve lived through by God’s grace!!!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: