Off-the-Plan
Thinking of Purchasing a Property That Isn’t Built Yet?
These transactions are known as “off the plan” purchases.
Buying off the plan means you are committing to purchase a property based on plans and specifications, with settlement taking place once construction is complete and the title is registered.
While this can be an exciting opportunity — particularly for new developments or investment purchases — off the plan contracts can be significantly more complex than standard residential contracts.
Important considerations include:
- Extended settlement timeframes
- Sunset clauses
- Variations to plans and specifications
- Changes to lot entitlement or floor area
- Finance approval timing
- GST implications (where applicable)
- Developer rights and disclosure obligations
Off the plan contracts are often heavily drafted in favour of the developer and may contain special conditions that limit a purchaser’s rights.
Having your Conveyancer or Property Lawyer review the Contract before signing is essential. We ensure you understand the risks, your rights and your obligations, so you can proceed with confidence.
