Buying an off the plan apartment can mean great value and provide tax and stamp duty benefits.
Off the Plan Conveyancers have the best team to protect your investment and help you succeed with your purchase.
What is the process for purchasing off the plan apartments?
Process step 1 – Engagement
You should provide the contract of sale for us to review before making an offer on the property.
After you engage us, we will send you a pack including our a purchaser instructions questionnaire, client authorisation, and cost agreement to start the conveyancing process
Process step 2 – Deposit
A purchaser will usually pay a 10 per cent deposit at the time the contract is signed.
Process step 3 – Inspection
It is the vendor’s responsibility to hand the property over at settlement in the same condition as at the date of the contract. You are entitled to conduct a final inspection of the property in the week before settlement and you should contact the agent to arrange this.
Process step 4
Settlement is the time when the purchaser pays the balance of purchase price to the vendor. If you have a lender, your lender will provide the funds needed at settlement.
At settlement, we will arrange the final adjustments to the purchase price to the vendor’s representative. Depending on the jurisdiction, documents are then exchanged physically or digitally and the transfer of land is registered so the purchaser can become the registered owner of the property.
Keys are then collected by the purchaser from the agent after settlement. The agent will only hand over the keys upon receipt of written authorisation from the vendor.
Process step 5
We provide you with full financial details relating to the settlement. We advise the local council, water authority, and State Revenue Office of your purchase.
What are the risks associated with buying apartments off the plan?
The main risks when buying off the plan apartments are:
- the end result not matching our expectations
- valuation issues that prevent purchasers from obtaining finance
- disputes about building defects
What are the conveyancing cost for buying apartments off the plan?
$600 to review the contract of sale & $1,200 plus GST and disbursements.