Questions to Ask When Buying an Apartment Off the Plan
August 10 2023
When you’re working through the process of purchasing an apartment off the plan for the first time, there’s a minefield of information to source and digest.
Knowing what questions to ask of the selling agent can arm you with the right information early on, making it easier and faster to make an informed decision.
The Kollosche New Projects team has decades of experience in selling apartments off the plan and works with buyers every day to provide relevant and accurate information.
When you enquire about a project or book for a project presentation, buyers are advised to start with these five key questions.
Who is the team behind the project?
Uncover the key players behind the development: the developer, architect, builder, and interior designer. Inquire about their previous projects and conduct further research to gauge the quality and style they’ve achieved.
What is required to purchase off the plan?
Each project will have certain requirements that the buyer must meet to purchase an apartment within the development. Check what deposit is needed to secure your preferred apartment. The sales agent may also require your photo ID and your solicitor’s details.
What is the sunset clause?
Familiarize yourself with the sunset clause, a contractual provision that establishes an expiration or termination date. Understanding the sunset clause specific to the project is vital, as it allows you to decide if it aligns with your circumstances.
Where should the deposit money go?
Prior to paying a deposit, verify the bank account information to ensure the funds are directed to the correct recipient, usually the trust account managed by the seller’s solicitor. The sales agent may also require remittance advice for the transaction.
How is the development being funded?
The funding mix for development projects can vary significantly depending on factors such as the project size, the location, and the financial capacity of the developers or stakeholders involved. Be sure to ask how the development is being funded and whether a certain number of pre-sales are required to achieve financial close.