Hello everyone, I am Stephen Kwok, a lawyer at Ensure Legal. Ensure Legal is a law firm based in Brisbane, specializing in real estate development and transactions. Our team is dedicated to helping clients with various real estate transactions, including assisting overseas investors in buying property in Queensland or Brisbane.
For overseas investors, purchasing real estate typically involves the following seven steps:
- Signning an EOI
When a client has an initial intention to buy a piece of land or a house, they will sign an Expression of Interest (EOI). After signing, a small deposit is usually required. - Contract Preparation
The seller’s lawyer will begin preparing the contract, and our responsibility at Ensure Legal is to review it for our clients, ensuring the contract terms are sound. - Video Consultation
We will arrange a consultation, often via video call, to thoroughly explain the contents of the contract and its clauses to the client, ensuring they fully understand. - Signing the Contract
Once the contract is confirmed to be in order, we will arrange for the client and the developer or sellor to sign the contract. - FIRB Approval
Overseas investors need to obtain approval from the Foreign Investment Review Board (FIRB) before they can purchase the land or property. We will apply for this approval on behalf of the client. - Preparing for Settlement
When the land or property is ready for settlement, we will notify the client and help them prepare for the settlement process. - Completing the Transaction
Finally, the client will need to transfer the necessary settlement funds into our trust account, and we will complete the transaction on their behalf.
These seven steps outline how we assist overseas clients in completing real estate transactions. Thank you all for your attention!
