‘Off the plan’ simply refers to a piece of land that is vacant. Therefore, you will signing the contract for a property that is yet to be built. There are several benefits for buying ‘off the plan’ such as government grants and stamp duty exemptions. However, a buyer should also be aware that this type of purchase involves several potential risks.
We recommend that you consider the following before signing a contract for property that is yet to come into existence:
- Your circumstances may change before completion, which may affect your ability to obtain finance
- The development may be significantly different upon completion to what you agreed
- Legal advice is vital as contracts and Section 32 statements are often quite complex
- Upon settlement, adjustments are not assessed for each parcel but for the entire block of land. The contract should contain a provision to avoid disputes.
If you’re looking to buy property, we can help. We’ve acted on hundreds of property conveyances across Melbourne and pride ourselves on efficient, hassle-free, professional outcomes and clear, easy communication. Call Gleeson and Co Lawyers today on 9534 3002.