Buying Off-The-Plan Properties
Things to consider when purchasing any property include:
- Check Contract
- Get Legal Advice
- Do Your Homework
- Document All Promises And Commitments In Writing
- Measure Land
- Chattels & Fixtures
- Renovations, Extensions & Recent Building Work
- Rates & Taxes
- Government Charges
- Connection Of Services
- Zoning & Town Planning
- Foreign Investor
- Cooling Off
Also Consider When Buying Off-The-Plan:
- WHAT ARE YOU BUYING?:
You should carefully examine the architect’s plans and the list of specifications to ensure you are satisfied with what you are contracting to buy. Also carefully examine the proposed Plan of Subdivision to identify your lot, its location and aspect and its size. A display home may not truly represent what will be delivered to you once construction is completed.
- CONTRACT SPECIAL CONDITIONS:
Off the Plan Contracts usually contain an array of Special Conditions which can leave you confused. Make sure you read and understand the terms before you sign the Contract.
- LOT ENTITLEMENT & LIABILITY:
Are the lot entitlement and liabilities shown on the Plan of Subdivision appropriately apportioned for each property that forms part of the building?
- SUNSET CLAUSE:
A Contract of Sale should contain a sunset clause, which will enable the Purchaser to cancel the Contract if the Plan or development is not completed by a certain date. Make sure the Off the Plan Contract contains such a Clause.
- STAMP DUTY BENEFITS:
In Victoria stamp duty benefits are available to off-the-plan buyers of real estate. You should check and document any representations have been made to you by the Vendor or selling agent.
NOTE: This is information of a general nature only and cannot be relied upon as all encompassing. You must seek legal advice specific to your purchase and never commit to an agreement unless you have obtained that legal advice. Contact us for further information.