10 Essential Steps
to Purchase an Off-the-Plan Property with
1. Property Found
Our team has assisted you found a property that you are interested in buying and as it is off the plan, you will usually sign an expression of interest (EOI) form and deposit the initial sum into the solicitor’s trust account.
2. Receiving & Checking Contract
The Seller or our team will provide a Contract to you. Before you sign the Contract, you solicitor will review the contract terms and confirm that all compulsory disclosures are attached to the Contract.
3. Contract Date
Once you are satisfied with the terms of the Contract, your solicitor or our team will arrange for you to sign the Contract (usually in duplicate) and then forward both copies to the Seller to sign.
A Deposit is payable which is usually 10% of the purchase price and it is to be paid to the seller’s solicitor’s trust account.
5. Cooling-off period
You have a cooling off period of 5 business days from the day after receiving the exchanged contract.
Note: The Seller is entitled to charge you 0.25% of the purchase price if you terminate under the cooling off provisions.
6. Construction Period
7. Informing you of settlement
Once the solicitor is notified about the settlement, they will contact you and us to prepare for your settlement.
8. Preparing for settlement
Next, we will prepare a settlement statement adjusting the outgoings (council and water rates, strata levies & insurance, land tax) and liaise with your lender to provide the necessary funds to settle. e.g. Loan and mortgage.
9. Final inspection
Before settlement, our team will contact you to organize a final inspection of the property to confirm that all the measurements, finishes and inclusions are as were disclosed to you.
10. Settled and move-in
Once it’s settled, we will advise you by phone and then you can collect the keys from us and move in!