Off-the-plan Contract Reviews and Advice

MG Law delivers meticulous off-the-plan contract reviews and advice, ensuring informed decisions and secure property investments.

This service caters to individuals and businesses considering the purchase of property before it is built or completed. This service is vital as off-the-plan contracts can be complex and involve significant risk due to the nature of buying a property that does not yet exist.

Our approach starts with a comprehensive review of the off-the-plan contract. We review the agreement to ensure you fully understand the commitments you are making. Key aspects we focus may include:

• Price and Payment Terms: Detailed review of the purchase price, deposit amount, payment schedule, and any escalation clauses that might affect the final cost.
• Specifications and Changes: Outline of the materials, and finishes of the property, and how much leeway the developer has to make changes.
• Cooling-off Period: Clarification on your rights during the cooling-off period, including any penalties for withdrawing from the contract during this phase.
• Warranties and Defects: Understanding the warranties provided by the developer and your rights in the event of defects or poor workmanship.
• Sunset Clauses: Explanation of sunset clauses which allow either party to terminate the contract if the property is not completed by a certain date.
• Risks and Protections: Discussing potential risks, such as market fluctuations or developer insolvency, and what protections are available to you in the contract.

We also guide you through the legal and financial aspects of an off-the-plan purchase, including stamp duty implications, eligibility for government grants or incentives.

For clients who decide to proceed with the purchase, we provide ongoing support throughout the buying process. This includes assistance with contract negotiations, liaising with other professionals involved in the transaction (such as real estate agents or mortgage brokers), and ensuring that your interests are protected right up until the contract is signed.

This service is designed to provide you with a thorough understanding of your off-the-plan purchase before you enter into any contract, empowering you to make an informed decision and minimize risks in what can be a highly rewarding investment.