For those considering to invest in property for the first time in Australia, there are some legal matters you will have to consider before you make a commitment. If you don’t take these legal matters into consideration before you commit to a property investment in Australia, you could end up having serious legal issues. This article prepared by Alexander Law in Brisbane will help inform you about the common legal issues property investors face in Australia to help you learn what you need to do to make your investment without any serious legal issues.
The most common legal issue that most who decide to invest in property in Australia are rejections and dis-approvals from the Foreign Investment Review Board. The purpose of the Foreign Investment Review Board is to regulate foreign property investment in Australia. The legal issues that most individuals have with the Foreign Investment Review Board is that they haven’t obtained a legal migrant, proper legal status, don’t demonstrate that they will use the property to benefit the community or for profit, doesn’t get approval for the property they have purchased and are living in, or don’t account for the time frame it takes for them to purchase the home and the response they receive from the seller. To prevent yourself from having these issues, you should know what the Foreign Investment Review Board is looking for and make sure you have all the criteria in order before you apply. Furthermore, make sure you get approval for the house that you are purchasing and include the time period it will take to get an answer from the seller. If for some reason your offer on a particular property is rejected, you must reapply again with the Foreign Investment Review Board. It is also important to remember that you need to obtain permission to purchase the property you want to invest in.Another common legal issue that property investors have is that they encounter issues with the Australian government to where they can’t use the property in the way they wish. In order to prevent this from happening, it is advisable that you speak with a lawyer and with the real estate counsel before you purchase your property. They can help you navigate through any issues you might have with your property and prevent the chance of you having legal problems after you have made your final purchase and make sure that any conveyancing happens smoothly.Estate planning can also be a major legal issue for property investors. If not done correctly, your loved ones after your death or any serious life changes could cause major problems for them regarding your estate. These problems can include the actual distribution of assets, property ownership, proper usage of the property and assets as intended by the original owner, and the existence and/or changes of organizations mentioned in estate planning initiatives once the property owner is deceased and/or has gone through a life change to where the property is no longer in their possession. To prevent this from happening, it is important that you contact a lawyer and/or specialized agency to help you out with your estate planning initiatives. Your solicitor will help you make sure that your instructions are clear, direct and aware of potential future changes so that your loved ones are not left in a difficult situation. A conveyancing solicitor can normally assist you with these issues to make sure that property transfers will happen accordingly.