If you are not an Australian resident or you hold a temporary visa, you are required by law to get permission from the Foreign Review Board if you want to buy property in Australia. However, New Zealand citizens, Australian citizens, and permanent resident holders are exempted. Moreover, there are limitations on the kind of real estate you want to buy. You can only buy an established residential dwelling if you are a permanent resident. A foreign resident can own property wither directly through his name or through a company structure. Breaching the rule will attract penalties.
However, are allowed to purchase any other type of housing property like new dwellings, unused land, and property that is to be renovated but this must be after approval by the Foreign Review Board. If you are a foreign nonresident you will be allowed to buy property that is a new dwelling without given any conditions. You are free to purchase more than one but approval is required for each acquisition.
Developers may have a new dwelling exemption certificate that will allow them to sell the property in development to nonresident. The board provides a wells elaborated guide to the laws and processes of approval for each real estate category. Information on fee is also given out as well as the application for an agreement to buy real estate. Read more about real estate or for the best house deals, Visit www.villaworld.com.au.
Property transaction will be done by the assist of an attorney or through a licensed conveyance. In case you want to buy a property, get a duplicate of the contract from the realtor or the seller and have your lawyer or conveyance to read through the document before signing. Every state has your own property statutes and your lawyer will advise you on how to about the transaction.
Whether in Gold Coast or any other state, you will be required to pay a deposit that is usually 10 percent of the price of the property. You are then given a cooling off period where you can conduct an inspection of the property. Upon the expiry of the period, the contract is binding on the parties involved and the settlement period can begin. The buyer is then required to pay the remaining amount of the buying price in order to own the property. This is after the cooling off period has ended which varies from four to six weeks. It is essential that you know that receiving rental income from the Australian property will require you to declare the income tax return. The same applies to when you will sell the property where you will also be required to pay capital gain tax in any profit. You can read more details on buying houses here: https://www.huffingtonpost.co.za/2018/06/04/buying-your-first-house-off-plan-here-are-5-things-you-need-to-know_a_23450082/.