Buying a property off the plan means that you purchase it before it is out of the construction phase. The benefit of this is that you are able to enter the property market at a lower price. Buying off the plan can be confusing for some because it’s riskier since you can’t walk around and inspect the property you’re purchasing. Consulting with a lawyer in Cairns will help you understand what you’re getting into and give you sound advice to protect you and your assets.
Purchasing vacant land which is not yet registered with the Titles Office is also referred to as an off the plan Contract however, this article will focus on off the plan prior to the construction phase.
Here are some common questions to ask your lawyer in Cairns if you're planning to buy a property off the plan.
Will the property look exactly like the advertisement?
The display suite the developers provide can give you a pretty good idea of how your unit or property will look once construction is done. However, keep in mind that there are many factors that can affect the development, and thus the final product may look different from what you’re expecting. Ask the consultant about how closely the output will resemble the display in terms of dimensions and layout.
Is buying off the plan safe?
There are assurances in place when you’re buying off the plan. Of course, you should still discuss with your lawyers whether the clauses offer you enough protection should the development get delayed or worse, fall through.
How much is the deposit?
When buying a property off the plan, you will be required to pay a deposit of up to 10% to secure the slot, though percentages may vary depending on the agreement. Your deposit will be held safely in a solicitor’s or agent's trust account until the construction is practically completed or the sunset period expires.
A reliable lawyer Cairns will help you out.
If you want to discuss buying a property off-the-plan in greater detail, get in touch with Marino Lawyers today. Call our team at (07) 4081 6700 for enquiries and more information. We’ll be happy to help you out!