What Is The Status Of Buying Off The Plan Property That Has Already Been Sold To A Then Defaulting Foreign Purchaser – can You Do It? The Australian Government Is Stepping In To Help.
Under the Foreign Acquisitions and Takeovers Act 1975, a residential property is considered to be sold when an agreement for sale of such property becomes binding on the parties. This has raised an issue as to whether the Off–the-Plan property which is on-sold after the binding date, (which is usually upon execution of the contract […]