Buying Off the Plan
The reference to purchasing a property “off the plan” is used when you purchase a property (an apartment, villa unit, townhouse or house and land package) before it is built.
Essentially, you are purchasing the property that is proposed to be built in accordance with the developer’s plans and specifications, rather than an existing structure.
Because you don’t get the opportunity to walk around the property as you would with an existing building, it is important that you review the plans of the development carefully to ensure that you are familiar with:
- The location of your property within the development;
- The size and dimensions of your property;
- The facilities available within the development; and
- Any garage or parking space.
You should also ensure that you review carefully the Schedule of Finishes provided by the developer. The Schedule will provide a detailed list of the type and quality of the property and of the inclusions.
The Contract will contain detailed provisions dealing with the time by which construction must be completed and the plan of the development registered. There can be delays in construction and the Contract will usually provide for extensions in certain circumstances (eg. wet weather).
When does settlement occur?
The settlement period varies substantially depending on the nature and scale of the development.
- Settlement usually occurs anywhere from the normal 4-5 weeks from exchange up to 12 months from exchange (for house and land packages and small developments) and up to 3 years from exchange (for larger developments)
- The Plans and Schedule of Finishes should be available from the Agent. The Agent should also be able to give you some idea as to the likely date for completion of construction
- We will also discuss the timing for construction and Settlement with you at our first meeting
When buying “off the plan”, stamp duty needs to be paid at settlement or within 12 months of exchange. We will discuss this with you at our first meeting.
Over 20 years of experience handling property matters
Ask about our fixed fee written estimates
Why choose Mason Lawyers for conveyancing of your property?
- Our experience – since 2001, we have acted on the purchase or sale of 9517 properties … and we’re still counting!
- Dedicated team – our conveyancing teams include conveyancing lawyers and Licensed conveyancers, backed by experienced support staff!
- Fixed fees – our written estimates include all the costs involved in buying. No hidden surprises!
- After-hours appointments (even on weekends) are not a problem for us. You will also find our after-hours mobile numbers on our business cards.
- We offer a full range of legal services. In the unlikely event of something going wrong in your purchase, our team transitions from conveyancing mode” to “lawyer mode”, to ensure your rights are protected!
Our Conveyancing Team are committed to ensuring the smooth progression of your purchase from the payment of the holding deposit through to settlement.
We look forward to hearing from you and wish you all the best in your search for your new property!
If you would like more information, contact our friendly property and conveyancing team today.
Book Online Today