Off the plan

Purchasers

An off the plan transaction refers to the purchasing or selling of a Property prior to it being completed and the land subdivided. Purchaser’s may save money on duty when purchasing off the plan depending on the stage of the development at the time of signing a Contract of Sale.

However, the draw back is that you do not have a firm settlement date like you would when purchasing a completed property. An estimate is given however settlement generally takes place 14 days after the Plan of Subdivision is registered and the Certificate of Occupancy issued.

There are particular things to look out for when buying off the plan and this includes checking to see how long the “sunset” clause applies for. This refers to the amount of time the Vendor allows for the Plan of Subdivision and Certificate of Occupancy to issue and can range from 6 months to 3 years. During this time you will be locked into the Contract of Sale.

Vendors

Prior to a Contract of Sale being prepared you will need to engage the services of a land surveyor who will determine (based on your instructions) on how the land is to be divided between the lots being created. Once the land surveyor has completed a preliminary Plan of Subdivision we will ask you to provide documents such as the Planning Permit, Building Plans, Inclusions List and Building Permit (if issued) in order to prepare an “off the plan” Contract of Sale.

During the course of construction the land surveyor will also progress the Plan of Subdivision with the relevant authorities. Once a Certificate of Compliance issues through the local council we will organise for Mortgagee consent (if applicable) and lodgement with the Land Titles Office.

Upon issue of the Certificate of Occupancy and registration of the Plan of Subdivision we can also help you to organise an Owners Corporation Manager (if required) in order to move to settlement of the development