An Australia’s Real Estate Investment Has Been Made
April 25th, 2010 by admin
For anybody who is an oversea’s investor looking to invest in the real estate market in Australia then the procedure is relatively easy but can take some time. Authorization must initially be sought from the Australian Foreign Investment Review Board.(FIRB)Once you have found the exact property you would like to buy then an offer is tendered. This offer is then accepted or rejected. A counter offer is normally submitted by the owner of the property if he does not agree with your offer.Once agreement has been made, a 10 % holding fee is required while the Contract of Sale is drawn up. During this time the buyer can withdraw from the sale and be given almost all of their deposit back (minus administration fee).Whilst the Contract of Sale is being drawn up the vendor must make sure that the property is fit to sell. The buyer also needs to make sure that all paperwork is in order and arrange finance if necessary.The remainder of monies has to be handed to the seller upon signing of the final sale documents.