Our experienced conveyancing lawyers can help you buy your property so you can focus on moving with confidence.
What does purchasing off the plan involve
Buying a property off the plan is quite different to purchasing an established house or apartment. You can’t walk through the actual property and get a feel for the space, the light or the fittings. Instead you may view a display property that can differ quite considerably from the finished product.
There are many advantages to purchasing off the plan, like it often has lower stamp duty costs and can give you time to sell your current property. But there are also things that can go wrong so it’s important to make sure that you’re protected in the off the plan sale contract.
What to consider when purchasing off the plan
There are risks in every property purchase, but there are some things that you can do to minimise your risks when purchasing off the plan. These include:
- Research the builder and developer to see if they’re reputable;
- Speak to a valuer to make sure the price you’re paying for the property is fair and reasonable. Some purchasers may find themselves with issues if a property is overpriced as it may limit how much money a lender will give them;
- Understand how long it may take to build the property and what rights you have if it goes for longer than expected. If you’re selling another property first, this could be affected or you may find yourself without somewhere to live for a while;
- Understand what variations the builder is allowed to make to the property to make sure you’re comfortable with them;
- Understand the fixtures, fittings and finishes that the property comes with; and
- Talk to your local council to find out what else may be built around you that could affect your view, access or enjoyment of your property.
Even when you’ve done all your homework, it’s important to have the purchase contract reviewed to make sure you understand the terms. Our experienced conveyancing lawyers can check the contract for you and negotiate any terms on your behalf.
Why MNG Lawyers
Our conveyancing lawyers understand what the fine print in your off the plan purchase contract means and can explain it to you in plain English. They will listen to your issues and help you negotiate your agreement and make sure all the paperwork is in order so you can enjoy your property.
Frequently Asked Questions
There is often a long period of time between signing the purchase agreement and actually moving into your off the plan property and anything could happen in that time. If your circumstances are different or you change your mind, you may be able to get out of the purchase. Whether you can will depend on the terms of the purchase contract and what was agreed. Our lawyers can review your agreement and tell you what your options are.