Off the Plan
A strata unit may be advertised before the building has been constructed. Buying a strata unit under these circumstances is commonly known as buying ‘off the plan’.
There are risks with any property transaction but buying off the plan comes with its own variety of risks.
The contract should be closely checked by VTConveyancing. In particular, the following should be considered:
- whether there are any penalties for withdrawing from the contract
- are changes by the developer to the finishes in the unit are possible
- will your finance be available if the building is finished early
- is on selling allowed prior to settlement
- how long can the developer delay settlement
- how are building defects rectified
VT Conveyancing will advise you on your rights and to ensure that you fully understand the contract.