WHAT DOES IT MEAN TO BUY OFF THE PLAN?
In essence it is buying a property or apartment off a plan as the name suggests. When you agree to buy a property off the plan there may be one pre-built dwelling to view however the actual dwelling being purchase is not available at the time of signing contracts. You will be buying based on your view of the plan, the location as indicated on the plan and the colour selections, fixtures and fittings as indicated on the plan or options offered.
GOOD VISION
When you buy off the plan it is beneficial to have good vision and a good idea of sizes so you can correctly interpret the size, layout, orientation and more as they will appear once the dwelling is finished.
WHY BUY OFF THE PLAN?
Essentially people buy off the plan due to the prime location and limitations of properties in these prime locations and the real estate assumption that prices will go up. Typical places for off the plan purchase include inner city CBD apartments and prime waterfront communities. With the premium these properties claim it is little wonder that developers have them sold off before they have even started construction.
WHY DO DEVELOPERS SELL OFF THE PLAN?
Developers may have a number of reasons for selling off the plan. It may be a stipulation of the lending agency that a percentage of properties be sold for security purposes. Additionally, it may be to reduce the initial capital investment a developer needs to make from the onset.
WHY USE A CONVEYANCER FOR OFF THE PLAN PURCHASES?
Buying off the plan is probably the riskiest type of purchase a potential homeowner can make. Due to the fact of there being no physical structure of value you as the owner have nothing tangible for your money until the completion of your new home.
By using a qualified and experienced conveyancer you will ensure that your rights are being protected. Your conveyancing professional will review the contract details preferably before signing and provide you with honest, concise information on the inherent risk with buying off the plan.
Your conveyancer will also be there to support and guide you in the instance of disputes or other issues which can occur. Essentially until your building has be constructed there is an enormous risk that it may never eventuate. Getting legal advice you can trust and having a team of experts who understand the real estate and conveyancing laws of Queensland will provide peace of mind from start to settlement.