Purchasing a property before it is built is referred to as buying “off the plan“. Typically, this will be the case if you are buying a project home or a property under construction.
An off-the-plan purchase comes with its own particular set of terms and conditions and is different from buying or selling existing property in Sydney. The clauses and conditions in the contract become paramount to the ultimate success of this purchase. Formulating the language properly can be a very involved and tricky task, which may require legal advice.
The details of an off-the-plan purchase are specialised and highly technical. Some examples of the countless things to consider, include:
Generally, the seller will aim for as much flexibility as possible. Developers need flexibility to accommodate changes in plans, council requirements and a host of other variables. At the same time, you, as the buyer, should aim for as much certainty as possible to minimise any risks or “unknowns” associated with the investment.
There are myriad considerations associated with an off-the-plan purchase, whether in Sydney or elsewhere. Purchasing property may be the single largest transaction you will ever make. With off-the-plan purchases, the investment potential is only matched by the risk if you are not careful and prepared.
It is important for buyers to seek out timely and meaningful advice as to the various terms, risks and pitfalls associated with purchasing off-the-plan. Visit our comprehensive Resource Centre to find our informative publications and handy checklist for off-the-plan purchases.
I was a little cautious about lawyers generally, even more so since I was embarking on my very first development. A referral to Gavel & Page Lawyers let me put my previous concerns behind me. Open. Direct. Clear communication. Detailed and productive advice. Competitive fees. Down to earth and contactable. Not sure what else you need.
You guys were a pleasure to deal with! No nonsense, straight to the matter at hand and kept me calm the whole time… awesome!
Thank you for your service, much appreciated – we’ve moved in and very happy here.Joseph and Merlyn thank you both for our sell and buy transactions and everything in between – you always made time for us during the process. We really appreciate that you accommodated us with the 66W on the Saturday when we made the offer – it was crucial to our success in securing the property – we had been looking for a new home for over 15 months.
I engaged Gavel & Page lawyers to undertake some property conveyancing work for me and was extremely pleased with their service. During my search for a property they were very informative and made sure I understood my legal obligations under the ownership structure before I purchased so that I was set-up correctly from the beginning.After we purchased our property I was very impressed with their diligence, thoroughness and pro-active approach through the whole settlement process, completing all the necessary tasks in an efficient and timely manner. I would not hesitate in using their services again in the future and would highly recommend them. Many thanks for your help.