Contracts are not always standard.
Buying off the plan comes with certain risks and often the contract and disclosure statement can be hundreds of pages long!
What you need to know about buying off the plan in Queensland
Buying off the plan means that you are purchasing a property (vacant land, a unit, penthouse, townhouse or land with a house to be built) before the land has been subdivided and/or the property has been built on the newly created lot.
Buying off the plan carries unique risks. When buying an already existing home, unit or block of land, then settlement will usually take place between 30 – 60 days from signing the Contract. When purchasing a property off the plan, settlement can be years away. It is difficult (impossible) to predict changes in the economy, interest rates and your own financial circumstances (changing jobs, redundancy and having children can all impact your financial circumstances) in that time.
After signing a contract for the purchase of a property off the plan (and after the cooling off period expires), you will be bound to complete the purchase, even if your circumstances change in the years between signing the Contract and settlement. If you cannot complete the purchase, then you can be sued, charged penalties and interest, lose your deposit and even wear the cost if the property is re-sold for a lower value.
The documents you sign when purchasing off the plan are not in the form of a standard contract. An off the plan Contract usually contains a Contract of Sale, including numerous special conditions, and a Disclosure Statement, including plans of your proposed lot.
A comprehensive review of the documents will uncover any red flags, hidden costs or unwanted surprises.
“A trained eye can review your contract and identify the risks and make sure that you fully understand exactly what you are buying and avoid hidden surprises.”
We offer a tailored fixed fee for the contract review.
A contract review is an opportunity to find any hidden clauses, help you understand your obligations, avoid unnecessary risks and answer all your questions.
Getting your off the plan contract reviewed before you sign is an opportunity to tailor your contract, giving you the best outcome.
The above is general in nature and does not constitute legal advice