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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(ALSO READ:)
Land Tax Under Contract
Buyers Guide
Sellers Guide

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To learn more about Foreign Buyer Approval today, contact OwnIt Conveyancing on 1300 553 750.

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Andrew has over two decades experience in high growth fast moving consumer goods, agribusiness and professional services. Supporting the OWNit team to deliver on client expectations, and implementing processes to scale the organisation, is a key focus for Andrew.

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