Off the plan conveyancing | Wollongong City Lawyers

Buying a brand new home

Buying a brand new home or unit (off the plan) can be exciting.

However, off the plan conveyancing carries some risks because you are buying something that is not yet built.

Our legal team can help you minimise the risks by assisting you to determine whether are dealing with a reputable developer.

We will also advise you on the terms of the contract, including the time frame for completion of the purchase (some off the plan purchases can take up to 3 years to settle).

Most importantly, we will negotiate any necessary amendments to the contract, to ensure your legal interests are protected.

How we help you

STEP 1

The Contract

We will:

Explain the off the plan conveyancing process to you and answer your questions.

Review the contract for sale and provide you with a detailed letter of advice.

Contact the vendor’s solicitor to request amendments to the contract if required.

Guide you through the process of any other enquiries you wish to make including determining whether you are purchasing from a reputable developer.

Arrange for you to sign the contract and pay the deposit.

Send the contract to the seller’s solicitor to be exchanged.

STEP 2

Mid-Way

We will:

Order all required searches from the local council, water authority and other bodies.

Liaise with your lender to ensure they have all the information required to complete settlement of the purchase.

Draft the property transfer form.

Process your stamp duty payment, including assisting you to complete applications for exemptions and/or concessions where applicable.

Prepare settlement figures and book settlement with your lender and the seller’s solicitor.

Advise you and your lender of payments required at settlement.

STEP 3

Settlement

We will:

Attend to settlement of your purchase.

Inform you and the real estate agent once settlement has been completed.

For purchases without a mortgage, arrange for the title to be registered in your name.

Send you a final reporting letter.

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More about off the plan properties

Worried about buying off the plan?

We have all heard the stories of people who purchased a house or unit off the plan, only to later find out that the property has major structural defects. There have been a number of news stories of tenants in apartments at Homebush and Mascot who have had to move out of their homes indefinitely.

Understandably these recent reports have made others worried about buying property off the plan - particularly a unit within a large apartment complex where the developer / builder may not have Home Owner Warranty Insurance in place.

Fair Trading NSW has published some useful information on their website for persons who are thinking about buying a property off the plan. We recommend looking at this website as a starting point for anyone considering this type of purchase.

Where can I get more information?

We assist with all types of off the plan conveyancing matters. We can help you understand the risks and pitfalls with buying property off the plan, and we can explain what your legal rights would be if things went wrong. Contact us on (02) 4244 4947 or send us an email.