How to Buy Property in Australia from Overseas!

Australia is a beautiful country with variety of different cultures and vitally a land with large land spaces. You can easily find a property in Australia through home rentals. If you are interested to live permanently in Australia, you can find an apartment for sale. Other than this, you can live here in an apartment, a house or a condo by paying cheap house rent.

Guidance for Overseas Buyers!

Australian property agents have helped overseas buyers to purchase good property in Australia. Australia has some restrictions for foreign investors like other countries. Approval of purchasing a property is granted if someone is buying a new property either it’s under construction or is completed. Penny Realty-best listing site of Australia helps you to find real estate apartment for sale.  

Basic Rules

Property in Australia can be purchased by a citizen of the state or by a foreigner. A foreigner needs permission according to Australia’s Foreign Investment Review Board (FIRB) rules to buy a property. Permission of buying a property will be given if the buyer purchases a property in one of the following ways: buying off-the-plan (or during the construction phase) or when the dwelling is newly completed provided that it has never been occupied or sold. The customer can buy a house, an apartment or a condo here. A student of well recognized tertiary, having a valid visa can purchase a property while studying. You can check out FIRB’s Information Guide to get simple guidelines for gaining approval from Australian Government.

Buyer can pay full amount of money while buying a property or they can borrow part of the total price of purchase from a monetary institution, the property would be held by the investor as security as an exchange for loan as mortgage.

You can apply for a mortgage, a condo or an apartment in Australia easily as there is a large land available in the country through free-listing site. Other than buying, you can find rental properties on cheap rates through the rental listings available on the site. Reputed property agents can also list down their property for free and can deal as a broker between the seller and the buyer to fulfill the needs of the both.

Owing a Property

In Australia, residential property is usually owned by the owner for his entire life unless it is in Canberra. In Canberra a person can purchase a property for ninety nine year period under a “Crown Lease”. The lease can be prolonged for the payment of an administration fee. If someone owns a freehold land under a Crown Lease, he can sell, rent or gift a property to someone.

Document of Title

The term associated with the document relating to the ownership of land is “title deed’’. If you have a mortgage, the lender of the property would take the deed. Till full loan is paid by the buyer, the mortgagee would have his name on the deed. According to the Law of the State, the registration of the ownership of the land is done according to the title registration system. The system is also responsible for registering “interests” involving mortgage.

Issuing of Strata Title

When a large number of developments are made on a single patch of land, it is referred as “Strata Title”. Ownership of this land is different as compared to that of houses as same property has been shared by many people.

The people owning the land have a plan of further division of land which is known as strata plan. Land Titles Registry is responsible for this kind of registration. According to this division units or town houses are separately registered and there are separate titles for every unit or townhouse according to the plan.

A supervisory committee that works on the behalf of Owners Corporation is made to solve the common issues of the owners. Strata levy has to be paid by the owners that fund in handling the common property and dealing with frequent money expense.

Transferring Legal Ownership

For the transference of ownership of title from one person to another person, a legal term is used, that is Conveyancing. When the buyer makes a deal with the seller to buy a property than the process is known as Conveyancing. The process can be taken by licensed lawyers. The time limit of the process varies according to the conditions of transaction. Such processes are usually completed in six to eight weeks.

You have to pay for government’s stamp duty on purchasing a land in addition to the purchase price of property.

Visit Penny Realty now for easy selling, buying and listing of your property to enjoy your living in Australia.