Buying ‘off plan’ means buying a property, usually a new build apartment, unit or townhouse, before construction is completed. This can introduce some particular requirements for conveyancing.
When buying off plan it is vital to have contract terms and conditions checked by your conveyancer or solicitor. This is to ensure that what you are purchasing is what is stated on the plan.
The contract requires thorough examination to check:
a) who holds the deposit
b) what happens if the property completion is delayed
c) how money can be refunded if problems arise
When buying off plan it is important to be watchful of:
a) sales taking place before the local council has consented to the development application
b) the standard of workmanship, as properties may not live up to advertised claims for quality
c) plans being altered by the builder before building commences
d) signing the contract and paying the deposit before completion as there may be a two to three-year delay.