Off The Plan

‘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.

Buying or selling a property? We can help.

We’ve acted on hundreds of property conveyances across Melbourne and pride ourselves on efficient, hassle-free, professional outcomes with clear, easy communication. Contact us online or call 1300 057 056 for an obligation free assessment of your matter.

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