Buying property off the plan is popular for homebuyers and investors in NSW. It offers the opportunity to secure a property before construction, often at current market prices, with flexibility for future settlement. However, these transactions require careful navigation. The right lawyer is everything for achieving the best outcome in challenging times.
An off-the-plan contract is a legal agreement to purchase property that is yet to be constructed or completed. This means buyers are relying on proposed plans and specifications rather than an existing property.
To balance the risks, the NSW government introduced reforms in December 2019 to strengthen protections for purchasers:
Cooling-Off Period
Sunset Clauses
Mandatory Disclosure Statement
Vendors must include a disclosure statement with key information, such as:
Notification of Changes
Deposit Protection
Changes to Property Details: Lot dimensions, layout, or easement locations may differ from initial plans.
Delays: Construction timelines can be unpredictable, potentially delaying settlement beyond expectations.
Market Risks: Property values may fluctuate, impacting the perceived value of the purchase upon completion.
Off-the-plan contracts are often complex and include special conditions that may impact the purchaser’s rights.
Seeking advice from a solicitor ensures:
At Foye Legal, our experienced team is well-versed in off-the-plan property transactions. We provide tailored advice and ensure your rights are protected at every step of the process. Whether you are purchasing your first home or adding to your investment portfolio, we help you navigate the complexities of off-the-plan contracts with confidence.
Seeking legal assistance early gives you control over your situation, helping you avoid complications and manage costs effectively. This guide provides practical tips, checklists, and key insights to help you confidently navigate legal processes to secure the best possible outcome.
Your first consultation is vital in safeguarding your interests and laying the foundation for the best possible outcome. At Foye Legal, we value the trust you place in us and are committed to providing clarity, strategy and unwavering support from day one.
An off-the-plan purchase involves buying a property that has not yet been built or is still under construction. Instead of inspecting a completed property, buyers rely on plans, specifications, and marketing materials provided by the developer. This type of purchase can be appealing but comes with unique legal risks, such as potential changes to the property or delays in construction.
Key risks include:
Seeking legal advice before signing the contract helps you understand these risks and mitigate potential issues.
An off-the-plan contract is often lengthy and complex. Important elements to review include:
Having an experienced property lawyer review the contract ensures it protects your interests.
Yes, but only under certain conditions. Buyers may have the right to cancel (rescind) the contract if:
Your ability to cancel the contract depends on the terms of the agreement and applicable laws. Legal advice is essential to understand your rights.
Delays in off-the-plan projects are common. Developers must complete the project by the sunset date specified in the contract unless an extension is agreed upon by both parties. If the project is delayed beyond the sunset date:
Understanding how delays are addressed in your contract can help you manage expectations and protect your investment.
Send us your enquiry here or give us a call on 1800 996 994
"*" indicates required fields
3/1 MEMORIAL DRIVE SHELLHARBOUR CITY NSW 2529
LEVEL 3, 63 MARKET STREET WOLLONGONG NSW 2500
contact us to make an appointment
3/1 MEMORIAL DRIVE SHELLHARBOUR CITY NSW 2529
LEVEL 3, 63 MARKET STREET WOLLONGONG NSW 2500
contact us to make an appointment
Keep up to date with the latest insights and news from Foye Legal
