1) Are assignment of contracts (as known in the states) allowed in Australia?
2) Are there any restrictions to foreign investors in Australia?Thanks.
I don’t know about contracts but I do know that if you are not Australian you have to seek permission from the Foreign Investment Review Board before you can buy.
They have a website with all of their rules laid out.
If you’re buying with a corporation you have to already own substancial assets in Australia –Good luck,
P
Hi FireCaesar
Assignment of Contracts: One can usually assign a real estate contract of sale in Australia by adding “and/or nominees” after your name on the contract of sale (or after your entities name). However using this technique in some Australian states can have “stamp duty” (a state based tax) implications and I’d definitely suggest you check with a switched on lawyer/accountant before you use this technique.
Foreign Investors in Australia: There are special rules in place for foreigners investing in residential real estate which don’t apply to other forms of investment in Australia. These rules are are under the scrutiny of the Foreign Investment Review Board (FIRB). In general these rules do not allow foreign investors to buying existing residential real estate, other the some “tourist type” projects which have received special approval from the FIRB to be sold to foreigners. However foreigners are generally allowed to buy vacant residential land and build a dwelling on it. As mentioned earlier, a look at the Board’s website will give you more.
I hope this helps.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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