Off The Plan

Sometimes you might decide to buy ‘off the plan’. This means that the property is not ready for you to Settle on because:

• the Plan of Subdivision of land has not yet been registered, if it is land or a house and land package; or

• the Strata Plan has not yet been registered if it is a strata unit.

Although you may be offered a discount price for buying ‘off the plan’ the discount comes at a cost and this cost is the risk.

Before signing any Contract to buy a property “off the plan” you should ask Platinum Property Law to review the Contract for you and provide advice.

In particular we will consider:

• when the Settlement date is and whether there are clauses that allow the Seller to delay this?
• whether there are any penalties if you withdraw from the Contract?
• whether the Seller can change any of the finishes or inclusions?
• what insurances the Seller is providing?
• what type of Deposit is required and if a Deposit Guarantee Bond is acceptable?
• whether your loan approval will stay valid until Settlement or will expire?
• whether the Seller will rectify any defects for a fixed period after Settlement?

 

Platinum Property Law will advise you of all your rights and obligations under the Contract  to ensure that you fully understand what will happen.

We are based in Riverstone in the heart of Sydney’s booming northwest. There are a large number of  land releass currently in the planning stage and we are able to advise you on the applicable Contracts relating to them all. For example we are currently working with several clients in relation to the recently released Mirvac Homes Project known as  The Avenue, in Alex Avenue, Schofields.

Please call us in relation all your conveyancing needs in relation to ‘off the plan’ land purchases in Riverstone, Schofields, Marsden Park, Vineyard and Stone Cutters Ridge. We are able to provide expert advice on the applicable Contract of Sale and discuss the obligations imposed on your Builder by the Section 88B Instrument in the Contracts.  

We know the property business inside out. We are your one-stop property and lease shop.

If you have any questions on buying a property “off the plan” please call Property Platinum Law.
For More Information Call Us Now On : 02 9627 7400