Buying 'Off the Plan'

• Inspect the display unit carefully as you are purchasing the property sight-unseen
• Go through the contract with a solicitor
• Understand the terms of sunset clauses and their implications
• Be aware of variations to the contract which gives the builder flexibility to modify the construction and inclusions
• Check your options especially in relation to the schedule of finishes
• Check allowable variations in costs
• Review the Body Corporate/strata fees and regulations
• Be aware of when your stamp duty liability is due for payment
• Find out if the deposit is held in a trust account

Deposit

Settlement

Make certain you do a pre-purchase inspection, checking against your schedule of finishes and inclusions.