We might be firmly in a post-Zoom world, with communication easier and more convenient than ever, but the differences in both laws and practices when it comes to property, can still have an impact when doing deals across borders.
Its no longer a particular surprise to be dealing with interstate enquiry these days, with buyers frequently happy to look across State borders when seeking either a home (full-time or holiday) or an investment property with strong yields, potential for capital growth (and lower taxes) but I have always found it interesting the different ways things are done between here and Sydney.
Contracts are the most obvious point of different, particularly when looking between the Blue and Maroon States, from the length and number of inclusions (NSW has a much larger list of statutory disclosures, from planning, to approval documents) to who does the preparation itself (solicitors down south, and your trusty real estate agent locally). Changes ARE coming that will align the two a bit more closely as a new disclosure regime puts the responsibility back in a seller’s hands rather than “buyer beware” though agents are still likely to be the ones prepping the majority of contract documents, at least in the residential market. Most agents are clever enough to recognise that commercial contracts generally require a more finessed expertise and legal knowledge, with a good number of those deals seeing a solicitor’s pen BEFORE signing, rather after the fact as we often see in the home market.
Going further afield, complications over the water can be both legal and cultural. Australia has a number of restrictions on sales to non-permanent residents which can put a straight kibosh on a deal in the early stages. Even where purchase is doable, there are additional charges and fees which can add tens (if not hundreds) of thousands of dollars to a purchase for those without the right passport.
Beyond that, the pace of communication and agreements can also vary wildly, for better or worse. With transaction times taking weeks if not months in some countries, you might find a party wrongfooted by a fast deal, and expectations failing to align on timelines for acceptance. A recent wobble was a great reminder that its important to make sure everyone is on the same page from the start – less surprises and more smiles at the end!