Buying Property

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Buying a Property

What You Need to Know before Buying off the Plan

If you’re in the market for a new home or apartment, you might be considering buying ‘off the plan’.

This process involves signing a contract for a property before construction has been completed. Before putting pen to paper, it’s important to seek legal advice to ensure that you are protected. We are property law experts, and we can review your contract and handle all the legal elements of your purchase, minimising the stress and maximising the security for you.

When Can You Buy Property This Way?

Off-plan purchases only occur before the building process is complete. You can invest in these properties at the following stages:

☆ During the planning stages, when an empty lot of land exists

☆ When an existing property is being demolished for new development

☆ When construction is partially complete

What are The Benefits for Me?

Off the plan purchases are attractive to potential homeowners and investors alike. This is primarily because of the financial benefits involved in the process. The main benefits are:

☆ Greatly reduced stamp duty – one of the biggest upfront costs involved in buying property

☆ A purchase price that is usually less than market value

What We Recommend

Off the plan purchases are attractive to potential homeowners and investors alike. This is primarily because of the financial benefits involved in the process. The main benefits are:

☆ Research the developer and check with licensing authorities to confirm their credibility

☆ Consult our team on legal issues, particularly around the contract of sale

☆ Carefully inspect and investigate any details of the homes you already have – including models and plans – so you know exactly what you’re purchasing

Buying Apartments & Houses

Understanding the Risks

Buying apartments and houses before construction is a bit like ordering a meal at the restaurant. Your knowledge of the property is reliant entirely on floor plans, artist’s impressions and other information. It can be difficult for buyers to terminate or be released from their contract. This is why it is essential to seek legal advice before making a purchase.

As well as this, you may face the following challenges:

Unexpected changes to plans
Complicated contracts
Limited communication with the builders
Complications with the developer
Market volatility that damages the property’s value

How We Can Protect You

It is important to review every contract of sale, especially when you don’t know exactly what you’re getting. We are a team of property law experts, who will work to get answers, make progress and cut through the legal jargon. We will examine your contract in fine detail and search for unreasonable clauses or important omissions

We Can:

Ensure that your contract identifies all charges and costs
Require developers to start work by a specific time
Make sure the lot entitlement and liabilities are shown so you know your exact entitlements to the land after subdivision
Include remedies and penalties that deter late completion and disputes
Implement a ‘sunset clause’ that allows you to cancel the contract if developers have not met construction requirements

Contact All Hours Conveyancing

for professional advice and services that guide you through off the plan purchases

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Why take a Risk on the biggest financial decision of your life?

We’re proud of the relationships we build and the trust we earn. We work tirelessly to ensure that your property transaction is completed efficiently and without hassle.

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