In some cases, units or retirement homes may be advertised and sold before the construction begins. These sales will generally be made based on design sketches and plans. Buying in this way is referred to as buying “off the plan”.
When buying off the plan, there are a number of potential issues you need to consider. First, you must check that the contract is correct and that there are no conditions that severely disadvantage you. You should also investigate what occurs if the building is completed before or after the scheduled completion date, as well as whether or not penalties apply if you withdraw from the contract prior to completion.
As with all legal contracts, Thurlow Fisher Lawyers recommend that you receive legal advice before entering into an “off the plan” contract. Call today on 02 9708 2222, or complete our online booking form.