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Property Law | Off Plan Purchase

Property Lawyers explain Off Plan Purchase

An off the plan purchase is whereby a person buys a property that is not yet constructed and approved. This type of property buying is risky because of the changes in value, quality of construction, plan modification, and management issues.

What may look like an exciting step forward in buying a brand-new home can turn into a financial mess. You must consider the multiple risks when purchasing an off the plan property. Executive Law Group 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 receive financing.

This is a list of some of the most important things to do when you consider buying an off the plan property:

  • Check the display unit closely and ask lots of questions
  • Ask to see the property on-site if construction has already commenced
  • Look over plans, are there displays showing the inside and outside of the completed property
  • Ask what options are available regarding layout, size, colour scheme, materials, fixtures and fittings
  • Where is the property located in relation to views, high noise common areas such as entry areas, lifts, stairways, garbage chutes etc?
  • Has the developer a good history and are they financially viable?
  • Have council approvals been obtained (as the plans may change)?
  • Are there any other developments proposed nearby?
  • Is there a chance of losing your views in the future?
  • How close are you to important amenities such as reliable transport, schools, shopping, medical centres etc?
  • What are the proposed levies and rules for development?
  • Have your accountant or financial advisor review the figures—ask if a depreciation schedule is available
  • Executive Law Group 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 allows our clients to understand plans and demonstrate that they are executable.

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