Planning to Buy a Property off the Plan? You Will Still Need a Conveyancer

It's logical that a traditional conveyancing service would be utilised when purchasing an existing property. This is when the service is utterly necessary, when the actual legal transfer of the property (and all the intricacies required for this) take place. Of course, there are instances when you might be considering purchasing a property (dwelling and land) that doesn't yet exist. While the legal transfer of the property into your name will not take place until a later stage, it can be prudent to use a conveyancer when you purchase a property off the plan. But why is this a good idea?

Traditional Aspects of Conveyancing

There are some aspects of traditional conveyancing that can be extremely useful when buying off the plan. Much like when buying an existing property, the conveyancer can identify any planned or proposed infrastructure or civil works that might take place. This might not necessarily involve any land reclamations, and yet a major project in your area (and the time required for this to be completed) might make the purchase less desirable for you. But what are some other issues that a conveyancer will be able to address when buying off the plan?

The Disclosure Statement

The conveyancer will carefully review the proposed disclosure statement that will be provided to you prior to buying off the plan. They will ensure that it is sufficiently detailed, setting out the specifications for property that you will be receiving in no uncertain terms. This is not only limited to the dwelling, but will also be concerned with the land itself (both the land on which the dwelling is situated, and the surrounding land). This means that you will be aware of any ongoing work (such as the addition of necessary infrastructure to a subdivision) that will still be taking place when you take possession of the property. They will also review the cadastral survey to ensure that the boundaries of the property are exactly as you've been informed. It essentially means that you will know exactly what to expect.

The Sunset Clause

You might also wish for the conveyancer to assess whether the sunset clause is reasonable. This clause comes into effect when delays (whether avoidable or unavoidable) mean that the property will not be available by the specified date, and also the acceptable reasons for this. When this clause is activated, you are able to back out of the sale. The conveyancer can also investigate whether the builder and/or developer has been subject to an enforced sunset clause in the past, which can indicate previous financial difficulties or logistical issues on previous building projects. This does not necessarily allude to the fact that this will occur again, and yet it's better to be provided with as much information as possible.

Buying off the plan is not without its risks, but conveyancing can go a long way towards minimising these risks.