It is a risky move to buy off the plan. If you want to make sure that your contract has you covered, it is advisable that you ask assistance from a conveyancing team.
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What may look like an exciting step forward in buying a brand new home can turn into a financial mess. You have to consider multiple risks when purchasing an off-the-plan property before you go ahead and sign the contracts. Executive Legal has a team of expert legal and conveyancing professionals that can help you determine if you are dealing with a reputable developer if you are given a fair price, if your potential market can affect your profits and if you can get financing.
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This is a list of some of the most important things to do when you consider buying an off-the-plan property:
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Check the display unit closely and ask lots of questions. Ask to see the property on site if construction has already commenced.
\n\tLook over plans, are there displays showing the inside and outside of the completed property.
\n\tAsk what options are available in regards to layout, size, colour scheme, materials, fixtures and fittings.
\n\tWhere is the property located in relation to views, high noise common areas such as entry areas, lifts, stairways, garbage chutes etc?
\n\tHas the developer a good history and are they financially viable?
\n\tHave council approvals been obtained (as the plans may change)?
\n\tAre there any other developments proposed nearby.
\n\tIs there a chance of losing your views in the future?
\n\tHow close are you to important amenities such as reliable transport, schools, shopping, medical centres etc?
\n\tWhat are the proposed levies and rules for the development?
\n\tHave your accountant or financial advisor review the figures. Ask if a depreciation schedule is available?
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Executive Legal has years of experience in handling off-the-plan purchases from small businesses to large community schemes. Our team takes pride in our legal advice that lets our client can understand and providing plans that are executable.
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