Even though the Australian government encourages foreign investment is real estate, it has checks to ensure speculation in the property market does not take place. There are many different rules when a foreign investor wishes to buy property in Australia. These rules are different from those applicable to the Australian citizens. In some cases, there is requirement for approval while in other cases, exemption is provided. For conveyancing Brisbane, you should consult the services of conveyancing solicitors before getting into any contractual agreements. These professionals will be able to handle all documentation and other issues in a much better manner.
Exemption of approval is provided to some non-Australian investors when they purchase any residential property.
These include the following:
– An Australian citizen that is currently living abroad
– Any person whose spouse is an Australian citizen and the property is being purchased in both names
– A New Zealand citizen
– Holder of permanent resident visa for Australia
– Purchaser who is buying property from a developer who has sought prior approval to sell to foreigners
– Purchaser who is buying property from the Government
– Any investor purchasing a property in Integrated Tourism Resort (ITR)
– If the person has inherited a property from an Australian citizen
In certain cases of residential purchase, approval from Board is essential. Firstly, if you are purchasing second-hand real estate, it is not easy to get Board approval. Secondly, if you want to purchase vacant land, you need to get approval by providing substantial evidence that continuous construction commences within twelve months of the purchase. Approval from the Board becomes necessary in certain other conditions.
When purchasing real estate in Australia, you are allowed to enter into a contract before obtaining the approval. These will, however, be conditioned to approval. It is important to sign the contract with the necessary condition otherwise, in case the approval is not given, it could lead to a loss of the buyer’s deposit. Up to 30 days are taken by the Board to approve an application and another ten days are required for advising the parties. All documentation needs to be according to the requirements in order to avoid any delays.
Assistance and consultation from conveyancing Queensland solicitors is highly recommended as these professionals are more informed about the rules and regulations related to foreign investments in Australia. The managers in these conveyancing firms can deal with all property related issues more efficiently for their clients.
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