How to purchase Australian properties when I am in overseas?

Viewing 7 posts - 1 through 7 (of 7 total)

David
Participant
@daweilin
Join Date: 2016
Post Count: 2
February 19, 2016 - 3:45 am
Hello guys,
I am seeking for advice on how to purchase an Australian property when we are away in overseas?
Without physical inspection, How can I make my final decision?
How am I going to settle the transaction?
Regards
David
Corey Batt
Participant
@cjaysa
Join Date: 2012
Post Count: 1,010
February 19, 2016 - 9:50 am
*hire a building inspector and have the property inspected by a property manager
*Utilise a buyers agent who can complete the due diligence on your behalf
Don’t buy sight unseen of course, but it’s not that difficult to have someone work on your behalf.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide
David
Participant
@daweilin
Join Date: 2016
Post Count: 2
February 19, 2016 - 4:35 pm
Thank you very much, Corey.
BuyersAgent
Participant
@knightm
Join Date: 2005
Post Count: 338
February 22, 2016 - 7:30 pm
God advice from Corey, and if considering a BA, FYI we are used to working with away clients, I have had plenty. It is not a problem as long as we can do postage of original contracts when required. Scanning and email takes care of the rest. Where are you looking? There are a few good BA’s on the forums. A typical client of mine will engage the service, look at the research and photos/videos I send them and decide on the strength of that more than half haven’t been inside before settlement.
BuyersAgent | Precium
http://www.precium.com.au
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South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 22, 2016 - 9:46 pm
Get a power of attorney appointed before leaving. You can make it restrictive such as to only allow the attorney to sign contracts for purchase and associated documents. Check with your lender whether they will accept loan and mortgage documents signed by an attorney. Also look into the witnessing requirements for the state you are purchasing in.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
February 25, 2016 - 11:27 pm
We have dozens of ex-pat forum clients who we have purchased property for located all over the globe.
In most cases we hold a Power of Attorney for them allowing me to sign the Purchase Contract as a Licensed Agent although in many States by appointing a Buyers Agent they have the power to do so.
Unless you are going to the moon the practicalities of not being in Australia can easily be overcome.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
February 26, 2016 - 1:18 pm
Hi @daweilin
Welcome to the forums
As the boys have pointed out, it’s all doable and there are slight differences in the prepped paperwork in each state if using a Buyers Agent.
As Richard mentioned, unless you’re going to the moon it can be done. With that said, if you intend to be uncontactable for a period of time during the searching process or while under contract, it is important to let your Buyers Agent and mortgage broker know so that this can be taken into account. Otherwise it will be assumed you are contactable via phone and have access to printer/scanner/email facilities each day.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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VIC Buyers' Agents for investors, home buyers & SMSFs.