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Off the plan property salesWhat you need to know Off The Plan Property Sales

Off the Plan Property Sales

What you need to know Off the Plan Property Sales.  Off the Plan Property Sale occurs when a property developer sells apartments in a multi-storey building that has not yet been built yet.  Sometimes the term ‘off the plan’ refers to subdivisions of vacant land. The same principles apply to both.

Whether strata plan or subdivision of vacant land, the Contract for Sale is based on the standard Contract for Sale of Land 2005 edition published under copyright by the Law Society of NSW and The Real Estate Institute of New South Wales, substantially altered with complex special conditions. The special conditions modify the Contract to make it an ‘off the plan’ contract.

Special Conditions for Off The Plan Property Sales

  • Pages 13 – 30 Special conditions for Off The Plan Property Sales including:
  • The purchaser may put down less than 10% deposit but the vendor will be entitled to the full 10% on default.
  • Deposit Bonds, Bank Guarantees or Cash deposits can be used.
  • The Vendor may make By Laws in addition to or in replacement of those by-laws set out in Schedule 1 of the Strata Schemes Management Regulation 2005 (the “Schedule 1 By-Laws”)
  • Off The Plan Property Sales suitable for both high rise and low rise residential strata plan projects

What you need to know Off The Plan Property Sales

Special Conditions for Off the Plan Sales – Unregistered Vendor

Off The Plan Property Sales   to be used when the vendor does not yet own the land on which the development is to be built. The contract is conditional upon the vendor acquiring the land by a particular time.

  • Contains all the features of the standard Special Conditions for Off the Plan Property Sales plus:
  • The contract allows the vendor 27 months in which to acquire the land and register a strata plan.
  • If the vendor does not acquire the land for whatever reason it may rescind the contract.

Off The Plan Property Sales suitable for both high rise and low rise residential strata plan project.

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Author:  Eric Kalde

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