Buying a property previously approvoed for FIRB. Any pitfalls?

Discussion in 'The Buying & Selling Process' started by Heidi~, 26th Jul, 2021.

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  1. Heidi~

    Heidi~ New Member

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    Hi,

    I am an Australian Citizen. There is this townhouse within a body corporate that I am considering buying. During the inspection the realestate agent let me know that the owner of the property is a Chinese citizen, and purchased it via FIRB approval.

    Perhaps a daft question, but, if I decide to go ahead with the purchase, are there any pitfalls I should be aware of? Or will it be just like buying a property from an Aussie?

    Thank you.
     
    Heidi~, 26th Jul, 2021
    #1
  2. thatbum

    thatbum Well-Known Member

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    Why would there be any extra pitfalls?
     
    thatbum, 26th Jul, 2021
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  3. Heidi~

    Heidi~ New Member

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    Thinking out loud, I just thought there might be some red-tapes involved with buying a property from a non-Australian...

    things like more stamp duty?! o_O

    Just putting the question out there as a complete noob :)
     
    Heidi~, 26th Jul, 2021
    #3
  4. Mark F

    Mark F Well-Known Member

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    I would have thought that the only issue is for the seller with a possible requirement to pay withholding tax on any profit. The comment by the REA could also have been a sly message that it is a forced sale due to FIRB requirements.
     
    Mark F, 26th Jul, 2021
    #4
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