Buying Off the Plan: Making an Offer or Expression of Interest

Property Sold

Property SoldPurchasing a property off the plan is different compared to buying a home or other property types. These are usually advertised and sold at a fixed value so it important to get early access for improved chances of acquiring the property. It is best to make an early expression of interest payment instead of competing with other buyers later on.

Conditions for Sale

In most cases, the developer will decide on the conditions of the sale. These include whether the off the plan property may be sold at a fixed amount or as part of a cluster of properties. The intended method of sale for the property may change according to the developer.

Selling to Brokers and Agencies

To help sell properties, developers often contact management rights brokers or estate agencies. If you wish to buy off the plan, you can deal with the estate agency. Some companies also dictate submission deadlines for expressions of interest and offers.

Making an Offer

Before submitting your offer, ResortBrokers.com.au says it is important to be prepared because anything can happen. Getting a copy of the sale of contract and examining it is an essential step. This will help you save time in case you need things to move along more quickly.

Paying an Expression of Interest

After making an offer, you may be required to pay an initial deposit or an expression of interest. When you pay for the interest, you will receive a receipt with some important notes such as statements saying you are not obligated to purchase the property, and that the agency or the agent has no obligation to sell it to you. They will refund your deposit if you’re not given the property.

It is important to remember that an expression of interest will not guarantee acquisition of the property. The agency or developer will consider other interests and offers on the same establishment. They will then inform you if your offer is late or if the property has already been sold to someone else.