Thinking about buying a house or apartment off the plan?
Buying real estate ‘off the plan’ means committing to buying a property that hasn’t been built. For example, buying a vacant residential lots that needs to be subdivided from a larger parcel of land or buying a unit prior to the unit being built or the land subdivided. The seller and the buyer will enter into a contract whereby the owner must subdivide the land and if applicable, construct the units, within a set time frame. If the owner achieves registration of the subdivision and completion of the building works by the due date as prescribed by the contract, then the parties will settle.
There are significant benefits for purchasers when buying off the plan e.g., stamp duty concessions and locking in a price. However, there are also risks that should be carefully consider.
Please contact us at reception@ballaratlawyers.net.au or on 5303 0281, if you would like advice on an off the plan contract or are proposing to sell off the plan.
For more information on our conveyancing arm, click here.
The information on this website is of a general nature only. It is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice about your particular circumstances.
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