Our High Quality Services
Here’s the off the plan services we offer
Buying off the plan?
We can help
If you’re in the market for a new home or apartment, you might be considering buying off-the-plan. This process involves signing a contract for a property before construction has been completed – which is why it’s important to seek expert legal advice to ensure that you are protected. You can invest in off-the-plan properties at the following stages:
- During the planning stages, when an empty lot of land exists
- When an existing property is being demolished for new development
- When construction is partially complete
What are the benefits of buying off-the-plan?
The benefits of buying off the plan are largely financial, and may include:
- Greatly reduced stamp duty – one of the biggest upfront costs involved in buying property
- A purchase price that is usually less than market value
What are the risks of buying off-the-plan?
Buying off-the-plan comes with its own unique set of challenges and risks, which may include:
- Unexpected changes to plans
- Complicated contracts
- Limited communication with the builders
- Complications with the developer
- Market volatility that damages the property’s value
Our advice to you
It can be difficult for buyers to terminate or be released from their contract, so before entering into an agreement you should consult a range of professionals to safeguard your interests. We recommend that you:
- Research the developer and check with licensing authorities to confirm their credibility
- Carefully inspect and investigate any details of the homes you already have – including models and plans – so you know exactly what you’re purchasing
- Consult our team on legal issues, particularly around the contract of sale
How we can protect you
It’s important to review every contract of sale, especially when you don’t know exactly what you’re getting. Let us take the stress out of this process for you by:
- Ensuring that your contract identifies all charges and costs
- Requiring developers to start work by a specific time
- Making sure the lot entitlement and liabilities are shown so you know your exact entitlements to the land after subdivision
- Including remedies and penalties that deter late completion and disputes
- Implementing a ‘sunset clause’ that allows you to cancel the contract if developers have not met construction requirements.
Selling off the plan?
We can help
An off-the-plan contract is an agreement to sell land, apartments or other property before construction has been completed. Buyers enter into these agreements with the promise of lower costs for an investment property, while it allows sellers to streamline their sale.
What are the benefits of selling off-the-plan?
If you have a large block of land and you want to maximise your profits, an off-the-plan approach might be right for you, as it allows you to sell your land first and divide & develop it later.
What are the risks of selling off-the-plan?
There are a range of factors that can delay and complicate an off –the-plan process, including contract oversights and legal complications. Our conveyancers are property law experts who can avoid these costly mistakes and promote a faster and less stressful sale.
How we can protect you
The contracts surrounding these transactions are typically more complicated, so they require a trained legal eye to ensure you are protected. Some of the things we can look for and amend in your contract include:
- Its compliance with all relevant legislation
- Special conditions that unfairly allow the buyer to withdraw from the transaction
- That all costs and charges for buyers are clearly identified
- That there are time limits for subdivision and development that all parties agree to
Come in and have a coffee with us!
Sit back and have a chat with one of our friendly team members.
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All Hours Conveyancing
Office
Contact Details
Fax: 03 9620 1217
Email: info@allhoursproperty.com.au