Lawyer for sale and purchase of uncompleted flats

The advantages of buying a pre-sale include:

Stamp Duty Savings – Depending on the stage of development you purchase, there may be substantial stamp duty savings.

Pre-Sale Properties May Appreciate – Many buyers may see their property increase in value after they sign off-the-plan contracts.

Unfortunately, there are also potential disadvantages:

The real estate may depreciate in value – you can consult our lawyers to draft a contract to avoid the impact of depreciation on you and protect your interests. Otherwise, you may need to raise more capital at closing and pay a price that is not in line with the current market.

Your off-the-plan property has not delivered – when this happens, an estate lawyer can help you.

Your off-the-plan sales contract will stipulate what the supplier developer needs to provide for you.

We often come into contact with buyers who feel that the settlement of the home is very different from the previous commitment. Under certain circumstances, if the developer deviates significantly from the original contract, the law allows the buyer to rescind the contract and have the developer refund the deposit in full. This situation is actually not uncommon.

Here are a few common changes that could "significantly" affect your property rights and give you the right to terminate the contract:

1. Changes in property size.
2. Changes in responsibilities or rights associated with common areas.
3. Cancel storage.

Not all changes are "significant." There are some differences, but in many cases, changes that may not seem obvious on the surface can still provide you with the right to terminate the contract and get a full refund of your deposit.

We have also noticed that some developers will notify purchasers of zoning plan changes directly rather than through their attorneys. It's not the most reasonable thing to do.

When you (if you're going on your own) or your legal counsel are notified of the planned changes, you have 14 days to decide whether to terminate the contract if those changes are "significant" - so time is of the essence. If you miss this deadline, you may lose this right. Of course, there may be other legal ways for you to withdraw from the contract, but these may be more complicated and time-consuming to implement.