As apartment living and higher density housing is becoming more common, buying Off-the-Plan has become very popular.
There are pros and cons to purchasing off the plan.
Off the plan contracts are different to Contracts of Sale for established properties. Given the complexity of these Contracts, it is best to obtain Contract Advice before you sign. It can save you money and avoid any nasty surprises.
Off-the-plan contracts are usually heavily weighted in favour of the Vendor. For example, there are usually many special conditions that give the developer the right to be released from the Contract, ranging from inability to obtain approval for the development or finance approval through to empowering the Vendor to change the plans and fixtures. Most contracts require acknowledgements from the purchaser that are not required in a standard contract as well.
When researching properties for purchase you should take into consideration who the developer is and also the builder they wish to engage.
Take the time to research the developer and find out their experience and the quality of previous construction projects. For example, you can visit and inspect the developer’s previous projects.
Off-the-Plan purchases can be great, but for some clients they can also be very problematic. You should carefully consider your options, the prevailing market conditions and expected market trends before committing.
Our legal experience and advice will help you to make a fully informed decision.
Contact us today for contract advice about your proposed purchase or if you would like us to carry out the conveyancing on your purchase. Our operators have seen thousands of off-the-plan contracts over the years and we will look after your interests.
If you have purchased off-the-plan and need legal advice to terminate your contract, contact us today. We have successfully helped clients rescind (or in other words, terminate) Contracts.
We have a strong track record in this area and we know the more obscure technicalities upon which a purchaser can rely in order to avoid an off-the-plan Contract.
If you need help with buying off-the-plan, call us on 1300 900 440 or fill in the enquiry form on this page and we will get back to you promptly.
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