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.
We are here to help. Please contact our office should you require any assistance.
Check out Ownit conveyancing Queensland offices near you:
- Conveyancing Brisbane
- Conveyancing Gold Coast
- Conveyancing Sunshine Coast
- Conveyancing Beenleigh
- Conveyancing Logan
- Click here to view all locations
To learn more about Foreign Buyer Approval today, contact Ownit Conveyancing on 1300 553 750.