As a result of my perennial practice in China and Australia, in addition to many Chinese clients will consult Australian investment regulations, there are also a number of Australian Chinese clients about returning to China to buy, sell, inherit property or demolition issues.
Before asking ten questions and answering questions, let`s focus on the following classic consultancies and cases:
Case 1:
Yongqiang recently wanted to go back to Wenzhou City, Zhejiang Province, to buy a small house for parents to support the elderly, by the way, and so on their parents a hundred years later to sell the house. But learned a little, found that foreign identity to buy a house too many restrictions! But if you buy a house in the name of your parents, it`s very complicated to change the name of the house. Besides, I have two brothers. If something goes wrong with my parents, I don`t want them to compete with me for the house. After all, things are hard to predict.
Case 2:
In 2005, German Masko came to Shanghai with 3 million yuan to prepare for a big job. So, he took out 1 million yuan to buy the house, left 2 million yuan to operate the red wine business. More than a decade later, Marcus`s wine business failed. And his house sold for 17.25 million yuan, ten times more than ten years. Before he left, he shrugged his shoulders and said, "this is a magical country!"
China`s complex national conditions and rapid development of the economy make Chinese or foreign investors undoubtedly in industrial investment and real estate investment, foreign investment and domestic investment between constantly groping, in order to get rich.
Faced with the sale of commercial housing in China, large areas of old housing demolition or ancestral inheritance? The following text will give ten questions and ten answers on the legal details of Chinese-Australian home purchase / sale in China, hoping to help the readers.
1. What are the main requirements of foreigners?
One is a branch or representative office of an overseas institution established within China with the approval of the relevant departments;
The other is overseas individuals who work in China and study for more than a year, and the houses they buy must be "self-used, self-housing, non-self-used, non-self-housing," he said.
2. How to prove your foreign identity?
Hong Kong and Macao compatriots to provide Special Administrative region passports or identity cards to and from mainland pass;
The TW sibling provides a Taiwan cell certificate or a confirmed identity certificate;
Foreign nationals are required to submit passports, residence permits, notarized Chinese and foreign language names, or work permits for foreigners in China, residence permits (with the person`s Chinese and foreign language names on the documents), < rent from foreign and Hong Kong, Macao and Taiwan personnel. "the approval form for the sale of housing."
3. Proof of basic materials for buying a house
Foreign nationals are required to provide proof that they have worked or studied within the territory for one year (labor contract or visa for one year, etc.);
At the time of signing the contract, the buyer should indicate both the Chinese and foreign names in the contract;
Home buyers provide proof of identity, Hong Kong and Macao compatriots home return permit or TW residents to and from mainland pass, "rent to foreign and Hong Kong, Macao and Taiwan personnel, sale of housing approval form";
Foreign nationals are required to submit passports, residence permits, notarized Chinese and foreign language names, or work permits for foreigners in China, residence permits (with the person`s Chinese and foreign language names on the documents), < rent from foreign and Hong Kong, Macao and Taiwan personnel. (B) the approval form for the sale of housing;
The notarization materials provided are required to be translated by translation companies in foreign languages, and some materials provided by foreigners, such as letters of attorney and consent, must be notarized by foreign organizations and certified as valid;
Once the materials are prepared, they should first be submitted to the Beijing Foreign Affairs examination and approval Office for examination and approval.
If the buyer needs a loan and does not have a fixed income in Beijing, the certificate of income, the certificate of marriage and the certificate of consent of the spouse to purchase the mortgage must be notarized by the notarization institution of the country in which the home is located.
4. What is the difference between the requirements of foreign buyers? Can I pay in foreign currency?
The real-name system is adopted for the purchase of housing by foreigners: the real estate property registration department must strictly follow the principle of self-use, handle the registration of property rights of overseas institutions and individuals, and refuse to register those who do not meet the conditions;
Foreigners pay in renminbi for home purchases in China: foreigners pay for home purchases in renminbi by submitting proof of the legal origin of the yuan, or by forming foreign exchange into renminbi before paying for home purchases. Specific settlement of foreign exchange needs to be submitted: 1 commercial housing sales contract or pre-sale contract; (2) valid passports and other identity certificates; (3) the purchase of housing in the city of commercial housing pre-sale contract registration and other related certificates; (4) valid employment contract or certificate of school status for more than one year;
Tax on foreigners buying homes in China: there are no different tax criteria for foreign buyers in China. Therefore, foreigners must buy and sell contracts in addition to notarization, in the domestic purchase of the largest threshold or housing eligibility issues.
5. Are foreigners buying the same house as China`s citizen?
As far as the current market is concerned, foreigners are similar to mainland people in the process of buying second-hand homes, with the addition of a buyer who needs to go to the foreign-related approval office for approval before they can buy a house.
The buyer and seller sign the sale contract with the brokerage company;
The buyer goes to the foreign-related examination and approval office for examination and approval;
The buyer and seller shall submit the relevant information about the transfer of the account;
The buyer and seller go through the formalities of transferring the property right of the house;
To obtain a property warrant for a house.
6. Can foreigners buy second-hand housing?
You can buy second-hand commercial housing, can not buy public housing and comfortable housing, because public housing and comfortable housing have welfare nature.
Second-hand housing sales and sales of foreigners and commercial housing requirements are the same. In reality, foreigners contribute to the registration of the Chinese as property owners in order to avoid the principle of self-use, self-housing.
However, there are also great risks, such as the registered property owner may sell the house to another person, at this time because of the public principle of immovable property, unless the foreign person can prove that the buyer is not a "bona fide third party", Otherwise, the buyer cannot be required to return the house.
Even if foreigners sign detailed agreements with registered property holders, because they violate the relevant policies of our country, they are likely to be invalidated by court decisions, and foreigners can only ask registered property holders to return the purchase money. And do not have the right to change the property owner.
7. Can foreigners handle loans?
Foreign individuals holding passports to handle loans require three pieces of materials before they can be accepted by banks:
Residence permit issued by the Immigration Administration for more than one year from the date of applying to the bank for a loan.
From the date of applying to the bank for a loan, the work permit for more than one year (including) and the work permit for more than 12 consecutive months.
For 12 consecutive months (including) above the personal income tax certificate.
If the foreign person entrusts the agent to buy the house, needs to handle the entrustment notarization formalities, in the power of attorney should clear entrusts the authority and the time limit, lest because the authorization unknown causes the loss to the client.
8. Proof of basic materials for sale of houses by foreigners
Identity certificate: since China does not allow dual nationality, the previous identification will be cancelled and the passport will be provided for the sale of the house. Therefore, it is first necessary to issue a legal identity certificate to prove that the two documents before and after the two documents are the same person.
In addition, foreigners are required to provide passports, passport translations, notaries and title certificates for sale of their homes.
When transfer, if I can not be present, should handle entrustment notarization, also need to provide entrustment notarization, translation notarization, agent ID card original.
9. Can foreigners inherit property in China?
A foreigner may inherit a domestic property, provided that the property is the lawful property of the heir, According to Article 36 of the Law on succession [foreign inheritance] the foreign person inherits the estate within the territory of the people`s Republic of China or the estate of China`s citizen outside the people`s Republic of China.
The notarization authority of the country of residence must apply for a notarization certificate certifying the applicant`s occupation, address and kinship with the heir to the estate left over in China. The notarization must also be certified by our embassy or consulate in that country (except in accordance with the consular treaty, with the exception of mutual exemption certification between the two countries).
Holding the above certified notarial certificate, the death certificate of the heir, the will wait until the notarization authority where the house is located to apply for formalities. After examining and examining the relevant documents, the notary authority shall issue a certificate of inheritance of the house if it considers that it is in conformity with the provisions of our country`s laws. The applicant certifies to the real estate management department where the real estate is located to handle specific inheritance matters.
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In the event of a dispute arising from the succession of a foreign person to a property within the territory of China, he may file a lawsuit with the people`s court where the property is located, and the people`s court shall rule according to law. According to the provisions of the inheritance Law, overseas Chinese or foreigners inherit property in China. Application of the law of the location of real estate, that is, the law of our country.
