Buying Off-The-Plan

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Evergreen Conveyancing - Buying Off The Plan

Off-The-Plan

A unit or townhouse that has not yet been finished, where construction has not yet started, or land that does not yet have its own title (such as a lot on a new plan of subdivision) is described as being purchased “off-the-plan” (OTP). The phrase can also refer to renovated lots, such as those where an office building has been turned into apartments, or where you’ve purchased an empty plot of land in a brand-new development.
If you choose to buy an OTP property, you will enter into a contract of sale for a finished good that will be delivered at a later, typically unspecified date. This has advantages and disadvantages all by itself. In an ever-changing real estate market, purchasing an OTP guarantees the price of the property you’re buying at the time the contract is signed.
Additionally, the purchase price might be lower because developers must sell a certain percentage of their inventory before construction can start. You won’t be required to pay more than what you agreed to in your contract of sale, regardless of market inflation; however, if the real estate market declines, you will be bound by the price you initially agreed to.
Off the plan negotiations - Evergreen Conveyancing

Off-The-Plan Contract Negotiations

A contract of sale for an existing property is typically much smaller and simpler to understand than an OTP contract. In order to fully understand your rights and obligations regarding sunset clauses, defects periods, plan revisions, and special conditions, you must receive the appropriate advice.
A contract of sale’s terms and conditions are negotiable, and OTP contracts of sale typically include a number of special clauses that benefit the vendor. Evergreen Conveyancing will walk you through your contract to ensure you understand what you are actually buying and offers pre-purchase contract reviews, advice on special conditions, and these services.

Need Our Advice?

Sometimes doing your due diligence is not enough and you need to talk to the experts in the field for a second opinion. Reach out to Evergreen Conveyancing and our conveyancers will talk you through the process tailored to your situation.
You can expect our expertise in Off-The-Plan contracts to equip you with the fundamental skills to navigate your way through a successful purchase.
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Are There Any Benefits To Buying Off-The-Plan?

Of course! The First Home Buyer Grant (FHOG) is an additional incentive for first-time homebuyers (FHB). Only ‘not previously lived in’ properties, or those bought for $750,000 or less, are eligible for the FHOG. You can find out more here https://www.sro.vic.gov.au/first-home-owner/applying-first-home-owner-grant.

The grant is currently $10,000 for properties throughout Australia. Additionally, FHB will be exempt from paying stamp duty on any properties with a dutiable value of $600,000 or less. This indicates that no stamp duty is due. If the Dutiable Value is calculated at $750,000 or less, you can still receive a stamp duty concession.

Evergreen Conveyancing has an established referral network which does not pay nor accept referral fees. We work honestly, diligently and carefully and that is why many pleased real estate agents, tax agents, mortgage brokers, building inspectors and past clients often refer clients to our firm.

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High volume conveyancing firms will pay up to $400 to real estate agents or other professionals for a referral and pass this added cost to their client. This practice is already banned in Western Australia, Tasmania and South Australia due to the inevitable conflict of interests the conveyancer faces. This practice goes against our Evergreen values as we believe that referrals should be based upon competence and not monetary gain. 

We wholeheartedly act for your best interest in the conveyancing process. We are not compromised by conflicts of interest which other practices are susceptible to by paying for client referrals and in most cases, passing the cost on to their clients. This practice goes against our Evergreen Values. 

No hidden costs, no surprises! We charge a fixed professional fee plus disbursements for all our clients which covers all work from start to finish. This means if we spend 15 minutes or 5 minutes on the phone with you, there would be no difference to our fees. We provide each client a formal cost disclosure when they nominate us to represent them. 

Find a genuine lower price elsewhere and we will beat it by 10 percent! Don’t pay more elsewhere. Keep more money in your pocket.

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