Buying Off the Plan: Why It’s Important to Have a Property Lawyer 

Buying off the plan lets you secure a new home or investment before it’s built. This method often includes lower upfront prices and stamp duty savings. But the process involves risks. Contracts can contain unfair terms, construction delays may occur, and you might face unexpected costs or defects. 

Engaging a property lawyer in Geelong, such as Whyte Just & Moore, ensures you understand your contract and your rights before you sign. Legal support helps you avoid hidden risks and make informed decisions with confidence. 

Contract risks when buying off the plan 

Off-the-plan contracts are long and complex. Some include a sunset clause that allows developers to cancel a contract if the build runs late. Developers may use this to resell the property at a higher price. Although laws now restrict how these clauses can be used, the risk remains. 

Another key issue is the variation clause. The clause allows developers to change plans, layouts, or finishes after you’ve signed. While some changes can be minor, others may affect the property’s size or function. A property lawyer in Geelong will review each clause and clearly explain your rights. At Whyte Juste & Moore, we provide you with early legal advice helping you to avoid surprises at settlement. 

Financial pressure and developer risks 

Buying off the plan means paying a deposit upfront and settling the balance later. Many projects take months or years to finish, and resultingly, your finances might change during this time. Additionally, banks may reduce borrowing limits, or interest rates could rise, affecting your ability to complete the purchase. 

If the developer fails to finish the build, you could lose your deposit. A property lawyer can ensure your deposit is held in a trust account and that the contract protects you if construction is delayed or cancelled. These steps form part of the reliable legal services Geelong clients expect when making a large purchase. 

Build quality and settlement timeframes 

Often, even brand-new builds can come with defects. Doors may not close correctly, tiles can crack, and paintwork might appear rushed. Some issues only become visible after you move in, and many contracts allow just 14 days to report them. 

A well-drafted will contract protect your rights. A property lawyer in Geelong can also advise you on your rights around builder warranties. These rights may include provisions for addressing defects that appear later. The team at Whyte Just & Moore will also review the rules around owners’ corporation rules that apply to your property, so you understand any ongoing fees and responsibilities. 

Speak to a property lawyer before you sign 

Buying off the plan can be worthwhile, but it is important to be aware of the real legal risks. Once you sign, it may be too late to fix problems. A property lawyer in Geelong can explain your rights and protect your interests before you commit. Our team at Whyte Just & Moore provide clear, honest, and practical advice on contracts and property matters. 

If you’re considering buying off the plan, request an appointment with one of our property lawyers today, and ensure you go through the process of securing property right.