Can a Foreign Buyer purchase land in Queensland?
Clause 10.2 of the standard REIQ Contract provides a warranty by the Buyer that the purchase of the property is not notifiable under the Foreign Acquisition and Takeovers Act 1975 (Cth) and that the Foreign Investment Review Board (FIRB) has no objection to the Buyer’s acquisition of the property.
TIP: If the Buyer is a Foreign Buyer under the Act then the Contract should be made subject to them obtaining FIRB approval to purchase the property.
To learn more about Foreign Ownership today, contact OwnIt Conveyancing on 1300 553 750
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