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Buying 'Off the Plan'
Forward planning
Off the plan purchases have been a popular trend over the
last decade in Australia. If you are interested in buying
a property off-the-plan, you should –
- Inspect the display unit carefully as you are purchasing
the property sight-unseen
- Go through the contract with a solicitor
- Understand the terms of sunset clauses and their implications
- Be aware of variations to the contract which gives the
builder flexibility to modify the construction and inclusions
- Check your options especially in relation to the schedule
of finishes
- Check allowable variations in costs
- Review the Body Corporate/strata fees and regulations
- Be aware of when your stamp duty liability is due for
payment
- Find out if the deposit is held in a trust account
Deposit
Usually the deposit required is 10% of the purchase price.
You may want to consider a long-term deposit bond in this
case.
Settlement
Make certain you do a pre-purchase inspection, checking against
your schedule of finishes and inclusions.
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