Buying Off The Plan Defined
The term ‘Buying Off The Plan” simply means that you are buying a property that is either in pre-construction, or construction stage. There is no physical property to touch and feel. You are able to view architectual plans of the property to help you picture what the end product will look like.
Buying new apartments off the plan is common practice in major cities around Australia. In Queensland buying off plan means you enter into a written contract for the purchase of the lot (whether land or a unit in a building) with the developer prior to the title of the lot being created.
In land developments the sale is often associated with a building contract for the construction of a house, either with the developer or a nominated builder.
The purchase of lots bought “off the plan” is regulated by the Land Sales Act 1984, Body Corporate and Community Management Act 1997 (where a community titles scheme is involved) and the Property Agents and Motor Dealers Act 2000. Other legislation may also apply to the selling process, eg. Trade Practices Act 1974 and the Fair Trading Act 1989.
For more information regarding purchasing off the plan in the Oracle Broadbeach, or to meet with developer to discuss further, please contact project sales on 07 5538 1646. Make an enquiry: sales@oraclebroadbeach.com.au