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What happens now?

Buying off the plan means purchasing property prior to completion, based on the stipulations agreed on by both parties to the Contract of Sale. The Contract normally sets out the time frame within which the property should be completed, as well as the purchase price.

Why would you consider buying ‘unseen’ property? A buyer’s decision to purchase is often influenced by the developer’s reputation, the desire to invest, the lower price, and the property location.

Purchasing off the plan in NSW offers significant benefits in terms of being able to settle on a lower, fixed price. There are also tax benefits in the form of tax depreciations, and stamp duty exemptions. A 10% deposit is usually required to secure the property, but the balance is not due until the settlement date which is often 2 to 3 years in the future.

Despite these benefits, there are also several risks associated with this type of purchase. Above all, there may be layout alterations during construction that can significantly change the end product, resulting in disappointment for the buyer.

That’s why On Call Conveyancing can make all the difference to the outcome of your off the plan purchase. We carefully scrutinise the contract clauses and try to protect our clients to ensure that what you contract for, is what you get on the day of settlement.

For clients wishing to sell off the plan, we prepare the Contract, so that there is clarity at the outset, and complications are avoided. We can have your Contract prepared as soon as we receive instructions. From thereon we provide the expert oversight and personal service needed, to ensure that the conveyancing process runs smoothly, and is stress-free.

If you have an enquiry about buying or selling off the plan, please give us a call today on 02 9585 9822, or email us at info@oncallconveyancing.com.au.   

Tips

Research your builder and find out as much as you can about any past developments they have produced.

Find out what rates and offers your bank will provide. Some banks offer deposit bonds which are a great way to avoid heavy outlays.

Make sure you read any fine print, like how long the developer estimates the development will take to finish, as their can be consequences to settlement dates and sunset dates can be altered.

Engage a reputable conveyancer or solicitor to review the terms of any contracts before you sign

Make sure you amend till you are clear on exactly what final finishes and items are included in your purchase as these can vary enormously between developments. Take special note of additional areas to the unit like car parking spaces and storage allocations.