Why Buying Off-Plan Can Be a Sound Idea
Committing to buy a property on the basis of what the developer has told you they plan to do is often seen by the less trusting as an inherently risky proposition. Sometimes, though, it can be the only way to guarantee getting a piece of the action in a highly desirable development. Decisiveness and striking while the iron is hot can be part of a recipe for success, but it does bring into the equation our old friend due diligence—and what a friend that can be when carried out properly.
The way the property market has been behaving in recent years means that buying off the plan can secure a property at a good price, whereas by the time it is completed, that price could have risen considerably. There may also be a smaller deposit required, giving you some extra time to arrange the finances for the project.
As Brisbane’s leading property conveyancing experts, we at Dam Lawyers have looked after the interests of clients purchasing all manner of properties. We have in-house expertise that specialises in conveyancing, running alongside our other specialties of family and commercial law. In the case of off-the-plan conveyancing, there is a lot to learn, and we have used this acquired expertise to help clients snap up great deals when they come across them. If there is value-for-money to be had, a purchaser with an appetite for adventure can add that crucial element of legal troubleshooting by engaging us to oversee the purchase and scrutinise both the plans and the contract.
The legal world is all about the small print, and that is where we are in our element—ferreting out any ambiguities or details that may put the unwary at a disadvantage. That is not going to happen to a client, not on our watch.
We deal with conventional property transactions too, but there is more to conveyancing than the traditional. We cover all aspects including strata units and vacant land, with off-the-plan being a key part of our arsenal.
Trust an Experienced Conveyancer for Off-The-Plan
Off-the-plan conveyancers have a different set of circumstances to deal with. If you are planning to buy an off-plan property for the first time, the contract will not be what you are accustomed to—even if you have bought and sold properties in the past. Off-the-plan contracts take into account the particular development, which of course you can’t see yet. That makes it vitally important to have the details checked over by someone who knows what to look for. There could be differences involving completion dates and the closely related “sunset clauses”, with failure to complete the building on time potentially leading to a termination option.
The purchaser must be provided with a disclosure plan and disclosure statement, which will clearly describe what you are buying. In the event of it not materialising in that precise form, again, there may be a termination option.
These are just examples of what a conveyancer for off-the-plan purchasing will be looking for. It’s all about protecting our client’s investment and ensuring you get what you are being led to believe you’re getting.
Conveyancing Lawyer Price
Conveyancing costs in Brisbane are similar to those in other parts of Australia. If you would like to talk about this before you engage us, please call or email, giving as much detail as possible about your project so that we can get a good idea of what it will entail on our part. With off-the-plan lawyers having potentially more to keep tabs on than with a conventional transaction, it is possible that our costs will reflect that.
For all our services, we have a Free Quote tab which often enables us to get the project moving by giving the client a figure to work with.
