Your Partner for Off-the-Plan Sales in Sydney

Different locations and types of property require different contracts, and you may need to take certain conditions or restrictions into account when selling off-the-plan real estate in Sydney.

If you are selling an off-the-plan property in Sydney, consider obtaining legal advice from Gavel & Page contract lawyers. We provide targeted, clear and timely conveyancing advice for your specific needs.

Off-the-plan contracts are comprehensive and critical to the overall success of a development. They create a great deal of flexibility for the developer, which is important when a change in circumstances or an unforeseen event occurs. For example, contracts for off-the-plan properties ought to protect the seller if the buyer attempts to back out due to minor design changes or falling property values during construction.

Developments are major investments, and it is critical that you receive timely and expert advice on your proposed project.

Preparing to Draft Your Off-the-Plan Sales Contract

Our experienced lawyers will speak with you to ensure that we have all the information necessary for a clear, efficient and seamless process. It is important to be on the same page early on, as this information will impact the preparation of the contract, as well as the advice we give you. The initial discussion will cover many issues, including:

• • Whether development consent has been obtained, and if so, whether you intend to lodge a section 96 application;
  • Part one of the section 88B instrument. Your surveyor will usually prepare the first of the two parts of the section 88B instrument, which is the description of the easement. We can assist with the terms of the easement, which comprises part two of the section 88B instrument;
  • The strata plan and the proposed schedule of finishes;
  • Whether you intend to retain any units in the development. And if so, whether you intend to draft special developer by-laws. We recommend doing so, as they tend to be more comprehensive and favourable than the standard by-laws available;
  • How you wish to handle adjustments on water rates and land tax;
  • Details of the strata manager who will be appointed;
  • Whether the proposed sales will be subject to finance and pre-sales; and
  • Proper tax advice, particularly in relation to GST and the application of the margin scheme.

It is important to discuss these issues with an experienced property lawyer, as a well-informed approach will ensure your investment project is carried out with focus, clarity and reliable processes.

At Gavel & Page, we not only employ a team of skilled property lawyers, but we also have a healthy supplier network of agents, strata managers, accountants and others who can assist at different stages.

What You Need to Know About Contracts for Off-the-Plan Sales in Sydney

After our initial discussion, and once we have all the necessary information and documents, we prepare the contract. We will draft the contract terms with maximum flexibility to account for any number of variables or changes in circumstances and ensure your interests are protected throughout.

The contract for sale is a comprehensive document, but some of the main points it will address are:

• • • • Ensuring you have rights to lodge any section 96 application;
      • Ensuring you are able to amend building plans and designs;
      • Ensuring you are able to change the unit layout, as well as any car and storage space locations;
      • Maintaining your right to reduce the area of a unit;
      • Maintaining the flexibility to adjust unit entitlements;
      • Ensuring you are permitted to change the vendor if you choose to sell the site; and
      • Protecting your right to change the schedule of finishes, should they no longer be practical.

Developments are a huge investment, and you need to obtain the proper advice from experts in the field in a timely fashion. Draw on our lawyers’ wealth of experience to ensure your rights and interests are protected, including matters which may only become relevant in future.

Getting Legal Advice for Your Property Conveyance in Sydney

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, selling off-the-plan, splitting property or just transacting property. Visit our comprehensive Conveyancing Price Guide For Sydney to find out more information