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Buying off the Plan - Legal Considerations :: Tips from a Sunshine Coast Property Lawyer
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When you enter into a contract to buy an apartment or townhouse before construction has finished it’s known as buying “off the plan”. If you are thinking about doing this, either as an investment or for your new home, then keep watching while I tell you a bit more about it.
I’m John Gallagher from Qld law firm, Argon Law, and I’m here to give you a few tips about buying property off the plan.
Do your research about the developer and the location and try to get as clear a picture as possible of the dwelling you will actually receive and how it fits into the rest of the complex. Study all plans, drawings and schedules of finishes and even ask an architect for an opinion about them.
Get a good understanding of how the body corporate will be structured and how much you can expect to pay each year in levies to that body corporate.
Beware of rental guarantees. They can give you a false impression about the return you can expect to receive.
The proposed contract of sale and associated disclosure statement from the developer should include copies of the plans and schedules provided to you earlier as well as provisions specifying a sunset date by which the development must be completed and a provision requiring the developer to rectify any defects that may become evident during the first few months after you settle.
Experienced lawyers will ensure that these and many other important matters are properly covered if they are asked to review the documents before you sign.
So those are my tips. Do you research and get a very clear picture of how it will all fit together. Beware of rental guarantees and get the contract reviewed by a lawyer before you sign.
Always ensure you seek professional advice for your specific circumstances, the above is intended to be general in nature.
Do you require legal advice? Contact Argon Law via the links listed below.
Follow us on LinkedIn @ArgonLaw
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