Anyone can purchase a Real estate property in Victoria, however, should you be a Foreign Purchaser, and you will be subjected to a Foreign Investment Review Board (‘FIRB’) Approval. Foreign Purchasers must comply with the condition(s) (if any) set out in his/her FIRB Approval.
There are three types of real estate:
It is a property land which has no buildings on it and is not being used.
It is a property land with buildings on it, which is used to or suitable for residential purposes. Common examples are apartments, penthouses, townhouses, etc.
It generally refers to the property and land intended to generate a profit by capital gain or rental income. It can be empty land zoned for commercial use, or an existing business buildings.
The thresholds to purchase different types of properties may vary according to legislations, and such purchase may also attract different tax rates.
The owner of property is also known as either joint tenants or joint proprietors, who jointly own equal and undivided right in disposing the property.
2.Tenants in common
The parties own specific proportion of the whole ownership interest. They are separately entitled to their proportion as sole proprietors, in which they only have right to dispose their proportion of property ownership interest.
One of the most noticeable differences between those 2 are the right of survivorship. That is, in the event of death of one of parties, survivors in joint tenant keep owning the property as a whole, and interest of the deceased will be passed according to his/her will or rules of the intestate succession.
It is a permanent and absolute ownership of the property, and the most common type of land ownership. Put it in simple, it is known as the estate in land that a person has when the lands are given to him and his heirs absolutely, without any end or limit put to his estate.