Massons

Significant reforms to FIRB approval from 1 January 2021

Written by Ben Malone on January 11, 2021

There are a number of significant changes to the FIRB approval framework taking effect from 1 January 2021.

One of the most significant changes is that the temporary $0 monetary screening thresholds on most foreign property investment revert to the usual thresholds which applied pre-29 March 2020 (ie the ‘pre-Covid’ thresholds already in place).

The $0 threshold will remain for sensitive national security land or businesses, meaning foreign investors will continue to require FIRB approval for these types of acquisitions regardless of value.

There have also been significant changes to the fees payable for FIRB applications – now by way of a ‘tiered’ structure tied to the value of the property which is likely to result in higher fees for most commercial property transactions, in particular higher value transactions.

Insights

HoAs – binding or not binding?

Be careful when asking for a “non-refundable” deposit in a heads of agreement that has all the hallmarks of a binding contract, it might just lock you in to the deal. In this case Mr. Patel paid a non-refundable $50,000 deposit under an HoA, and when the vendor withdrew claiming the HoA was non-binding, Mr Patel sought (and was granted) specific performance. A good reminder that it’s important for your HoA to be explicitly non-binding if that is your intention.

https://pinpoint.cch.com.au/document/legauUio3697613sl1502889120/patel-v-sengun-investment-holdings-pty-ltd-2023-aplc-23-046

August 9, 2024

Finalist - Property Team of the Year

This recognition is a tribute to all of the hard work carried out by our lawyers and support staff, and also to our wonderful clients who have been a pleasure to work with, and who provide us with such rewarding transactions.

We look forward to enjoying a fun night with our peers at the LawyersWeekly Awards ceremony in August!

 

July 15, 2024

Guarantors Beware

Not all guarantees are created equal: understanding the risks associated with guarantees in property transactions and whether you might be forced to ‘pay the price’ for a purchaser’s non-completion.

https://pinpoint.cch.com.au/document/legauUio3697901sl1503950976/ryan-v-upg-322-pty-ltd-2023-aplc-23-053

June 18, 2024

Legal 500 (Asia Pacific) Guide 2023

Sincere thanks to our wonderful clients and hard-working team for supporting our inclusion in the Legal 500 (Asia Pacific) Guide as a leading firm in Real Estate for 2023

The Legal 500 has been analysing law firm capabilities across the world for more than 3 decades in over 150 jurisdictions. Their research is based on: “feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal market.”https://www.legal500.com/about-us/

February 10, 2023

"Excellence Awardee" - Boutique Firm of the Year - 2022 Australasian Law Awards

We are delighted that Massons has been selected as an “Excellence Awardee” in the category of “Boutique Firm of the Year” at the 2022 Australasian Law Awards.

Thank you to all of our wonderful clients who have supported our nomination in this category, and to our amazing lawyers and support staff for making this possible!

Wishing all the other Awardees the best of luck and looking forward to the Gala Dinner.  A night out with our team is always cause for celebration – win, lose or draw!!

March 23, 2022

Doyle's Guide 2022

We are excited about our inclusion in Doyle’s Guide for 2022 for NSW in the following categories:

Massons – Leading Property & Real Estate Law Firms
Jodie Masson – Leading Property & Real Estate Lawyers and Leading Leasing Lawyers
Leisha de Aboitiz – Leading Property & Real Estate Lawyers and Leading Leasing Lawyers
Ben Malone – Property & Real Estate Law Rising Stars

Thank you to all of our peers and wonderful clients who have helped to achieve this recognition.

March 14, 2022

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Enquiries

Phone: +61 2 8923 0900
Email: property@massons.com