Buying ‘off the plan’ is purchasing land or a home that doesn’t yet exist except on a proposed plan.
At Spot On Conveyancing we can guide you through purchasing ‘off the plan’. We are experienced in ‘off the plan’ purchases and can talk to you about the pros and cons and navigate you through the complex and sometimes confusing process. Stamp duty on ‘off the plan’ purchases can be particularly confusing, and we will ensure a smooth passage through the whole process.
Your first step is usually to sign an expression of interest form and deposit the initial payment into the sales agent’s account. The sales agent of seller will then provide a contract, which we will review for you, and a Disclosure Statement. We will then negotiate any changes to the contract on your behalf.
We can also advise you through your lender’s contract and any matters associated with it, including the cooling off period.
Spot On Conveyancing will also advise you through the duration of the construction period, such as Further Disclosure Statements outlining any changes that affect your property; and through the Sunset Date, the last date for the seller to register a separate title for the property.
Eligible homebuyers or first home buyers may be able to apply for a stamp duty concession on ‘off the plan’ homes. Stamp Duty is a tax levied by the state government which is payable by the buyer under contract.
Spot On Conveyancing will help you determine your eligibility – if you are not a first home buyer you may still be eligible if the property is to be your principal place of residence. There is no concession available if the property is an investment or purchased under a company or trust.
We will also guide you through paying it within 30 days from the registration of separate title or by settlement (whichever is earlier) and marking the contract as stamp duty paid.
At Spot On Conveyancing, we are highly experienced in this kind of property purchase and can ensure that your ‘off the plan’ purchase experience is as smooth and stress-free as possible.