Off the Plan Conveyancing
Property Law & Conveyancing
At Burgess Thomson, we specialise in providing expert conveyancing services for clients purchasing properties off the plan in Newcastle. Buying a property before its construction is complete offers a unique set of opportunities and challenges.
Whether you’re considering an investment in residential land, an apartment, or a house yet to be built, our experienced team is here to guide you through every step of this intricate process.
Understanding Off the Plan Purchases
What Does Buying Off the Plan Involve?
Buying off the plan means committing to a property based solely on the developer’s plans and projections before its physical completion. This method of purchasing is becoming increasingly popular in Newcastle due to the potential benefits it offers, including the opportunity to secure a property at a current market price that could appreciate by the time of completion.
Benefits of Off the Plan Purchases
- Potential for Capital Growth: By locking in a purchase price at todayβs rates, buyers can benefit from any potential increase in property value by the time the construction is completed.
- Customisation Opportunities: Early buyers often have the chance to customise aspects of their new home, from floor plans to finishes.
- First Home Owner Advantages: For first home buyers, significant incentives like the NSW Governmentβs First Home Owner Grant (New Homes) scheme offer a $10,000 grant after settlement, making this an attractive option.
However, while there are numerous advantages, purchasing off the plan also carries its own set of risks and complexities. Understanding these risks and how to navigate them is crucial.
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Find out more about how we can help With Buying Property Off The Plan.
Why Choose Burgess Thomson for Your Off the Plan Conveyancing?
Experienced Property Law Experts
Burgess Thomson is renowned for its expertise in property law. Our detailed understanding of the Newcastle property market and off the plan purchases allows us to offer advice that is not only legally sound but also commercially astute.
Client-Centric Service
We prioritise clear communication and personalised service, ensuring that you are fully informed and comfortable throughout your property buying journey. Our approach is to simplify the complex elements of off the plan purchases, making your experience as straightforward and stress-free as possible.
Proven Track Record
Our track record of successfully managing off the plan conveyancing speaks for itself. We have helped numerous clients navigate this process with confidence, securing their interests and fostering successful outcomes.
Partner with Burgess Thomson
Embarking on an off the plan purchase requires skilled legal guidance. At Burgess Thomson, we combine in-depth knowledge with personalised service to ensure your investment is secure and your future bright.
Contact us or request a quote to discuss how we can assist with your off the plan property conveyancing needs and turn your property aspirations into reality.
Weβre With You Every Step Of The Way
Contract of Sale
Weβll review the contract, ensure it contains all the agreed terms and is in your best interests.Β Β
We will negotiate any special conditions to protect you throughout the transaction.Β We will coordinate exchange of contracts and advise you on any important aspects of the contract such as the sunset date, schedule of inclusions and finishes, floor plans and design specifications, and defect periods.Β Β
The sunset date in the contract can mean that you are committed to the contract for an extended period of time, and may also have extended sunset date clauses which allow this to be extended further by the developer for a broad range of reasons.Β We will review this and ensure you are fully aware of the time periods you are committing to under the contract, as once contracts are exchanged and your deposit is paid, you are bound to the contract for what can sometimes be several years even if the development doesn’t get off the ground.
The contract may also permit the developer to reduce the size of the property by a certain percentage and still require you to settle, and we will negotiate on your behalf to ensure this is reasonable.
Some off the plan contracts also require a land tax adjustment to be paid by purchasers, which is a development cost and should be paid by the developer.Β We will ensure the contract has no land tax adjustment and negotiate this on your behalf.
Liaison
We will liaise with developers, banks, lenders and mortgage brokers on your behalf to ensure all funds are ready and available for settlement and that the land or strata plan is registered by the sunset date set out in the contract.
Government Grants and Transfer Duty
We will assist with any applications on your behalf for government concessions you may be eligible for as well as calculate the transfer duty you may owe once the government grants have been considered.
First Home Buyers may be eligible for the $10,000 grant under the First Home Owner Grant (New Homes) scheme.
Settlement
Settlement of off the plan contracts usually takes place within 21 days of the land or plan being registered and an occupation certificate being issued.Β It is important to have your finance formally approved once the development is nearing completion.Β Β
We will ensure everything is in order for completion of sale and arrange your settlement on an electronic workspace called PEXA.
