Off The Plan

Off the plan purchases are purchases of property that have not been built yet. The building itself only exists on paper as plans and Council proposals. Off the plan purchases can be for any type of real estate, including units, townhouses and even standalone houses.

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The most popular example of off the plan purchases are units in a new apartment building that hasn’t been built yet. Another example of an off the plan purchase is a new house in a still developing suburb where land is yet to be cleared or services are still to be connected.

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Off the plan contracts will include the builders plans, including suburb design, building design, individual dwelling design (for houses) and the types of material proposed as well as things like design of common areas, proposed communal amenities and any areas for shop fronts, restaurants and recreational activities.

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Construction for off the plan houses can take months to a year or two, and construction for off the plan units and apartments generally take up to a few years or more. When purchasing off the plan, the developer will generally request a deposit of 10% then the purchaser has no more to pay until the building has been completed.

 

If you’re looking to purchase an off the plan property we highly recommend you have the contract reviewed by our office before you sign the contract. An off the plan contract generally incorporates more special conditions favourable to the vendor than a contract to purchase an existing property. Our team will review the contract and request amendments which include but are not limited to cooling off periods, sunset clauses, land tax adjustments and payments, settlement periods post-construction completion, the ability to rescind the contract as a result of changes to size and layout of the property, and obligations on the purchaser in the event they become incapacitated or die during the construction period.