Australia
How business transactions are conducted in Australia 
- BASIC TRANSACTION INFORMATION
Commissions:
The seller pays the commission, which is 2-2.5% for commercial transactions and 3% for residentials. Property, ownership, title insurance:
- Private persons or business partnerships can own real estate property.
- Foreign investments need to comply with Foreign Investment Guidelines (establishedby the Federal Government).
- For recordation of title and encumbrances the Torrens system is used.
Transaction information systems:
There are seven MLS-like systems in the country. Real estate trade associations:
The Real Estate Institution of Australia
P.O.Box 234
Curtin ACT, 2605
Australia
phone:+61-6-282-4277
fax: +61-6-285-2444 License requirements:
Real estate brokers must be licensed. Requirements depend on thestate. Forms of ownership:
Private persons and business partnerships can own real estate property. Most of the companies are unlimited liable. Contracts:
Real estate contracts must be in written form and must contain consideration. Mortgages:
In case the land is not under the Torrens system, the title ofownership will be conveyed to the mortgagee with a right of redemption reserved to the mortgagor. Under the Torrens system, the title of ownership remains with the mortgagor and the mortgage will be registered. Financing and lending practices:
N.A. Taxation:
Only vacant urban land pieces are taxed in order to keep a lid on speculative activity. A stamp duty is levied on transactions.
- BASIC BUSINESS CULTURE
Fashion:
Australians tend to dress more casually. Basic cultural skills:
A handshake is common. People are generally addressed by their first name. People should be aware of the basic etiquette. Visiting:
It is common that guests bring some food and a small gift with them. After having dinner at home people often go out. Restaurants:
The bill is paid at the register. Tipping is not necessary.
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