GENERAL OFF-THE-PLAN QUESTIONS


• What does buying off the plan mean?

Buying off the plan is the literal term for purchasing property that has not yet been built. You are making the decision to purchase an apartment, townhouse or house-based on the documentation available before the construction begins. 

• What are the benefits of buying off the plan?

Alternative deposits – Lower cash deposits, bank guarantees or deposit bond. Maximise tax advantages. Stamp duty concessions. Customised design possibilities. Longer settlement allowing for potential capital growth. Time to save more cash during settlement period. Opportunity to move into a brand-new apartment. 

• What is the risk of buying off the plan? 

The project may not proceed. The finished product may not be what you expected it to be. The expected capital growth does to eventuate or value may be less than purchase priceDeveloper may go into liquidation. Project may be delayed. 

• How do I minimise the risk of buying off the plan?

Without giving financial advice, buying in good locations, looking at the detail in the selection and schedules, look at the builder and the developer’s past projects and completed builds with the ability to deliver. 

• What grants am I eligible for?

Please head to: https://www.revenuesa.sa.gov.au/grants-and-concessions to find out what grants and concessions you may be eligible for.

• What is a sunset clause? 

The sunset clause is a clause in the contract that refers to the maximum amount of time that the developer has to complete the build. If the project Is not complete by the sunset clause either the purchaser, or the developer has the right to withdraw from the contract. 

• Can I move in before settlement?

No. 

• Why can’t I move in the day of settlement? 

When there are multiple purchasers in the same apartment or townhouse project, the removalist is booked in over several times – morning and afternoon and in large buildings over several days. Not everyone can use the lift and stairs at the same time. We ask that you are patient when this happens but know you will be eager to move in as soon as it is completed. 

• Can things be changed without my permission?

You will always be advised of any major changes. In terms of products and selections, sometimes specific products aren’t available and will need to be replaced with a like replacement, this will be communicated though. 

• Can I cancel the contract?

Once you have received your executed documents you will have 2 clear business days cooing off. After that time you are bound by the contract. 

• What is included/excluded?

All inclusions and exclusions will be outlined in your contract 

• Can variations be made after the contract is signed? 

Variations such as moving walls won’t be allowed due to structural loads. Selections will be picked out after cooling off and only once they are finalised can no more changes be made. 

• What if my circumstances change? 

Unfortunately, this does not change anything as you are bound by an unconditional contract.  

• Do I speak to the real estate agent or the builder if I have any questions?

Depending on the issue, and the stage of the build, the real estate agent should be your go to for any questions. 

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For more information, call Oliver Bowler on 0431 090 726