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19 JULY 2010 – FOREIGN BUYERS

19 JULY 2010 – FOREIGN BUYERS

Q.Should a foreign buyer make a Contract to buy a residential property subject to Foreign Investment Review Board (FIRB) approval?

A. Yes, unless prior written approval has been obtained to purchase the property or the Buyer is specifically exempted under the Foreign Acquisitions and Takeovers Regulations or if a home developer has obtained prior approval from the FIRB.

If a property is to be purchased at auction, prior written FIRB approval must be obtained. After auction, the FIRB need to be advised whether the Buyer was successful at auction and if so a copy of the Contract needs to be sent to them.

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