Who needs this
- Buyers purchasing a property that is not yet built or not yet completed
- Buyers of new-build units from a developer
What this covers
Developer contracts are usually drafted by the developer’s lawyers and tend to favour the developer. Off-plan purchases carry additional risks: delays, changes to the specification, and mortgages over the land that must be released before you can receive title.
What I do
- Review the contract clause by clause and explain the risks
- Check the developer’s permits and whether the land is mortgaged (see due diligence)
- Negotiate stage payments linked to construction progress, completion deadlines and remedies for delay
- Seek appropriate protections such as bank guarantees or undertakings for the release of existing mortgages
- Arrange stamping and deposit of the contract once signed
How to start
Contact me before signing the reservation agreement or paying the deposit if possible, and send the developer’s draft contract.