Monthly Archives: November 2016

Following industry representation the Government has announced changes under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement on it.

ljgrealestate

Changes made yesterday by the Foreign Investment Review Board (FIRB) have taken just over a month to be legislated after an REIA approach in mid October.

Here are your talking points:

  • Foreign buyers will now be allowed to purchase an off-the-plan property when another foreign buyer has failed to reach settlement
  • Reduced risk when off-the-plan sales to foreign purchases fall through
  • Legislation is effective immediately for potential purchaser applications made by individuals
  • Regulation change will also be made soon to enable developers to acquire New Dwelling Exemption Certificates for foreign buyers of the on-sale of off-the-plan homes.

Previously, the on-sale of an off-the-plan apartment was regarded as a second-hand sale, which was not open to foreign buyers who are only able to buy new dwellings.

“This is most welcome news and will minimize the negative impact of off-the-plan sales to foreign purchasers not being completed’, said Mr Sanders, President of…

View original post 864 more words

Advertisements

Leave a comment

Filed under ljgrealestate