Plan Safely
Buying off the plans can workout in your favor if the market moves up, the opposite can also be happen. One of the best ways to ensure that you buy safely is to think about the timing of your bank approval. A lot of properties being bought off the plans are done so with a long period of waiting for the property to finish. You don’t want to be in a situation where your bank approval expires before the property is ready.
Sunset Clause
A sunset clause is a clause which allows you to back out of the deal should it take too loooong to get the property ready. It has to be inserted into the contract before you sign. Talk to your lawyer about this very important clause.
Your deposit
The deposit you put down can be released to the seller before the house is ready. If the developer goes belly up, your deposit could be at risk. You can check with your lawyer or agent if the deposit can be kept in a trust account till completion.
