09 Sep Foreign Buyer Approval
Is a Foreign Buyer required to obtain the approval of the Foreign Investment Review Board to purchase a property?
Yes. Clause 10.2 of the standard REIQ Contract confirms that the Buyer warrants that their purchase of the property is not a ‘notifiable action’ under the Foreign Acquisitions Takeovers Act 1975. We would recommend that a Foreign Buyer speak to the Foreign Investment Review Board before signing a contract to purchase a property to determine whether they need FIRB approval in order to purchase the property.
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To learn more about Foreign Buyer Approval today, contact OWNit Conveyancing on 1300 553 750.