Are you living in Australia and has an interest to invest in a real estate property in the land of plenty? If you are one of those who aspire to own a piece of land in a wealthy country like Australia, then practicality must be your top consideration. How easy or difficult is it to get started? And how feasible is it do so?
In Australia, residential real estate policy is but inward-looking and traditional. The Foreign Investment Review Board (FIRB) approves all real estate purchases by foreign nationals. Real estate investments made by Australian citizens living abroad, acquisitions of residential-zoned properties made by foreign nationals who have permanent residency or holding special category visas like the New Zealand citizens, or acquisitions made by foreign nationals doing so as a joint owner along with their Australian spouses do not need approval by the FIRB though.
Investments made by foreign nationals that would yield better impact on the development of housing stocks are given more priority, as the said outlay brings great significance to the local construction vertical and to the suppliers of the said industry. The government of Australia is cautious about foreign influx to evade demand surplus, avoid the rise in housing prices, and ensure that Australians would be the ones to benefit more in the development of new housing properties that property developers Sydney further augment.
When selling or buying a property in Australia, one must take note of the following processes:
1. The title search, property plans, agreement recorded in the title from the Land and Property Information, and easement documents must be secured by the seller. All these should be included along with the Contract of Sale.
2. The Drainage Diagram from the local water authority and the Zoning Certification from the municipal council must be prepared.
3. In order to execute the sale, the buyer’s solicitor should prepare the transfer form. This should be done if the property does not have any outstanding interests.
4. The contract sale and the transfer form will then be stamped by the Office of the State Revenue. All duties must be settled at that point.
5. Registration is the last phase in the process wherein the transfer form and the certificate of title will then be submitted to the Land and Property Information department.
Give the processes above and given the fact that an approval from the FIRB is required in order to acquire a residential real estate in Australia, Perth Developments, the best developer in Perth whose main aim is to keep the profits in YOUR pocket, advises not to sign a contract prior to securing an approval from the FIRB. This can be done however if the contract gives enough time for securing FIRB approval before full completion of all needed documents and certifications.