Legal Knowledge: What is an “Off the Plan” Contract?
Our Expertise in Land Development
Our legal team specialises in land development and frequently represents developers and buyers across Brisbane and the Gold Coast. Many of our clients ask about off the plan contracts and the important considerations involved.
Understanding Off the Plan Contracts
An off the plan contract means that when the buyer enters into the contract:
- The construction has not yet commenced or is still in progress
- The land lot or property is not yet registered with the Titles Office
This type of contract is common in apartment development projects but is also frequently used in flat land developments or land subdivision sales.
Advantages and Risks of Off the Plan Contracts
Off the plan contracts can offer significant advantages such as potential capital growth and the ability to secure property at current prices. However, they also come with inherent risks, including delays in completion, changes to the final product, or market fluctuations.
Why Legal Advice is Essential
Given the complexities involved, it is essential for buyers to seek legal advice before entering into an off the plan contract. If you have any questions or concerns, please contact Mr Kwok for professional legal guidance.
