Are You Considering Selling Off the Plan?
An off the plan contract is an agreement to sell land, apartments or other property before construction has been completed. Buyers enter into these with the promise of lower costs for an investment property, while it allows vendors to streamline their sale.
There are a range of factors that can delay and complicate an off the land process, including contract oversights and legal complications. Our conveyancers are property law experts who can avoid these costly mistakes and promote a faster and less stressful sale.
Reasons to Consider Selling Before Developing
If you have a large block of land and you want to maximise your profits on it, an off-plan approach might be right for you. It allows you to sell your land first, and divide and develop it later.
If you are unsure of a buyer’s interest in your land, or don’t have enough money to begin development, this can delay the costly construction process. As the vendor, you usually have 18 months to 3 years to begin this process.
The contracts surrounding these transactions are typically more complicated, so they require a trained legal eye to ensure you are protected. At All Hours Conveyancing we can carefully consider all the elements of your contract, ensuring that your rights are protected.
Examining Your Contract
Checking contracts is an essential element in all conveyancing. It allows us to take the stress out of your sale and provide clarity from the very beginning. Some of the things we can look for and amend in your contract include:
- Its compliance with all relevant legislation
- Special conditions that unfairly allow the buyer to withdraw from the transaction
- That all costs and charges for buyers are clearly identified
- That there are time limits for subdivision and development that all parties agree to