Whilst the introduction of the foreign stamp duty surcharge
in SA has reduced the number of foreign buyers, we have noticed that they still
remain active in the market and also noticed that both foreign buyers and
agents alike require prompt assistance in how to secure sale contracts with
foreign buyers and then obtain FIRB approval. Essentially the law requires foreign buyers to first obtain
approval from the Foreign Investment Review Board (FIRB) before they sign a
contract.  However this is not practical, especially considering they must
pay a substantial application fee.  The work-around is that the sale contract be entered into
subject to the foreign buyer first obtaining FIRB approval.  Unfortunately
this does not help foreign buyers wishing to buy at auction. Commercial & Legal have setup a streamlined and
cost-efficient service ($450 + GST) to assist agents and their foreign buyers
to answer initial queries (including when it comes to drafting of conditions in
the contract), and then to process and lodge the FIRB application fast for
approval.  With processing times taking between 7 to 30 days, applications
should be accurate and monitored to avoid delayed settlements. If required, Commercial & Legal also have a Chinese and
other multilingual staff members on hand to deal with those foreign buyers that
need further help. Should you be interested in receiving further information
from us FIRB, please contact any of our team members at convey@commercialandlegal.com.au
or call 08 8206 8444.