Reservation & Booking
Once you have selected a particular property you can reserve the property by informing our consultants.
Upon reservation you would need to complete the following:-
- Completing & Signing the Sales Advice
Oftentimes if our consultants are on hand the property details will be filled in by us.
If you are away from where our branches are located, the Sales Advice will be sent to you via email / fax.
- Placement of Booking Fee
A booking fee is required to reserve your unit. The booking fee will be held in our trust account until the exchange of contract takes place & full 10% deposit has been paid to the Developer’s / Vendor’s Solicitor.
Issuance of Contract of Sale
Most contracts are ready to go and will be issued by the Vendors (Developer) solicitor within 3 working days from the date of your reservation. At other times, contracts may be issued within 1 week from reservation.
The contracts will be couriered to our office & we will notify you upon receipt.
Engaging an Australian Solicitor
We strongly recommend the service of a local Australian solicitor to act for you in all legal matters pertaining to the purchase of your property.
You would need to advise us your solicitor details within 3 days from reservation. We will liaise with them throughout the purchase process.
Alternately, we can recommend professional firms that specialize in dealing with overseas purchasers (some solicitors are conversant in local dialects – Please specify if you require such services). These firms are totally independent of us and of the Develope/Vendor
A copy of the Contract of Sale will be extended to your solicitor for their review.
Signing of Contract of Sale & 10% deposit
The general time frame to sign the contract and pay the 10% deposit is around 14 days from contract issuance (booking date).
You have the option of paying via bank draft, telegraphic transfer or interbank transfers (for Australian accounts).
The 10% deposit is held in the developer’s solicitor’s trust account which ensures that the funds are not available to the developer until after completion.
We will liaise with the developer and solicitor that payment has been made once you have extended us the remittance slip.
The signed contracts will be couriered to Australia at entirely no cost to you.
Exchange of Contract of Sale
The contract is deemed exchanged when the Developer /Vendor counter signs on the contract signed by the purchaser and full 10% deposit is paid.
At this stage the booking fee paid for reserving the property will be returned.
There are now no further payments required until the project is completed / settles (this does not apply to a building package. Refer to our consultants).
Foreign Investment Review Board Application (FIRB) (if applicable)
Acquisitions of residential real estate by non residents / foreigners require prior foreign investment approval (unless pre-approval is already obtained).
We will assist to prepare the documentation and the signed forms will be forwarded to your solicitor for their necessary action.
FIRB applications which meet the eligibility criteria will generally be finalized in a short time but may take up to 30 days to examine in certain applications.
The sale is deemed Unconditional when FIRB (if applicable) is approved with exchanged contracts and full 10% deposit paid.
Finance Application (if applicable)
If required we will arrange financing on your behalf (via Australia or offshore banks). If you are borrowing funds ,oftentimes a bank account can be organized at the same time with the lender. Loans can be structured up to 30 years and are available on an interest only basis for the first 5 to 10 years (varies according to bank to bank & individual credit assessment). Generally up to 80% of the value of the security can be extended to overseas lenders (final margin subject to individual credit assessment by the banks)
We can assist to arrange a personal finance consultation on your behalf with our in house mortgage consultant.
Kindly refer to our Financial Services section for further information.
Pre-settlement
Several months (or up to 21 days) prior to settlement, you will be notified by the Vendors representatives or your solicitor to prepare for settlement. Oftentimes, we will also notify you so that you have sufficient time to prepare for settlement.
At this stage it is imperative that your loan is finalized and the balance of your fund portion is prepared (and remitted to your solicitor’s trust account). Most solicitors will provide their clients with an estimate (a useful guide to the amount you would need to remit before completion / settlement).
Pre settlement inspection
A pre-settlement inspection is carried out prior to settlement (date provided by Vendor). You may opt to personally inspect your property or use the services of a professional building inspector. Some owners authorize their Australian property manager (who handles the future rental of the property) to carry out the pre-inspection.
Settlement / Completion
At this stage, all monies due to the Developer/Vendor are paid on the settlement date. Your solicitor will inform you as soon as settlement has gone through successfully. The keys to your new home may either be kept by yourself or deposited with your solicitor or property agent (depending on the arrangement)
10. Value Added Services
Property Management
We can also recommend the services of an experienced local property manager to manage your
investment.
The manager’s role includes the following:
a. Finding & managing your tenant
b. Collection & banking of rent
c. Payment of property expenses such as council, insurance & levies
d. Forwarding monthly & annual statement to the owners
By giving notice that you wish to rent out your property (1 month prior to settlement), we will
arrange with the property agent to start the search for prospective tenants.
Accounting & Taxation Services
You would need to register as a non-resident for taxation if you are receiving rental income. The
Australian tax year end is 30 June and income tax returns need to be lodged with the Australian
Taxation Office (ATO).
Our recommended accountant / tax broker can assist you with your Australian taxation.
Insurance broker
Most properties would come with building insurance. However for those that do not, we can
recommend an insurance firm / broker to see to this need.
Most investors would also find it useful to purchase a Landlord insurance to guard against damage
caused by tenants or defaults/lost of rent.
Migration
We can assist by recommending a registered Australian migration agent should you wish to explore
the possibilities of migrating to Australia. All migration agents must be registered with the Office of
the Migration Agents Registration Authority (Office of the MARA).
More Info:
Call Chanson Lau @ 016-322 1770 for detail presentation.
