What's happening?
Buying off-the-plan means purchasing a property before it has been built or completed, based on plans and specifications provided by the developer. These contracts are often longer and more complex than standard resale contracts, and can include conditions around sunset dates, variations and finishes.
What could it mean for me?
- Completion dates can be extended within the terms of the contract
- Final specifications may differ from initial plans within agreed tolerances
- Sunset clauses can affect what happens if the project is delayed significantly
- Deposit arrangements for off-the-plan sales can differ from standard purchases
What are my options?
- Have the contract reviewed with a focus on completion and sunset provisions
- Clarify what changes to plans or finishes the developer can make
- Understand your rights if the project doesn't proceed as planned
What happens next?
- Review the disclosure statement and plans provided by the developer
- Raise questions about variation and sunset clauses
- Exchange contracts once terms are understood
- Monitor construction progress towards completion
- Attend settlement on or after registration of the plan
How can MGE Lawyers help?
We explain the specific risks that come with off-the-plan contracts and help you understand the developer's obligations before you commit to a purchase.