Ranked number one for surviving the recession, Australia is, by far, the best country in the world to reside. The cost of living is fairly low and along with the climate, Australia see’s more and more foreigners investing in both property and businesses every year.

The law in Australia is that only permanent residents are able to purchase real estate. Any foreigners wanting to purchase need permission from the Australian Government. This is fairly simple but can take some time. The property must also be approved by the Foreign Investment Review Board for overseas purchasers.

Buying costs are approximately 5% of the purchase price. This includes mortgage application fees (if applicable), stamp duty, legal fees and other taxes. Costs can differ due to where the property is located and the cost of the property.

Read the rest of this entry

Misunderstood by most Australians, conveyancing is a very difficult and complex process. Just to make things even more complicated, every state has different conveyancing rules. Thankfully in March 2010, the Government has agreed that all states will follow the same rules making this process somewhat easier. This article outlines the conveyancing process in easy terms.

Conveyancing refers to the transfer of ownership of a property and starts when you sign contracts. The owner is presented an offer from the purchaser which he either accepts or counter offers. Once agreement has been met by both buyer, and seller, the contracts of sale are then signed. It’s more or less standard at this time for the buyer to give the seller a 10% deposit.

A five day cooling off period then follows where the purchaser is able to change their mind and not follow the sale through. If this does happen then the buyers deposit will be returned but a small administration fee charged.

Read the rest of this entry