What do I need to know before I buy off the plan?

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I'm about to buy an off-the-plan property and a little nervous, what are the main things I need to know before signing the dotted line?

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Make sure you read your contract thoroughly. Research everything in the Australian housing market and on finance, and it's a really good idea to research everyone who is involved in the project - like the builders, developers as well as any professional finance people you are dealing with.

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Get lots of professional advice! Talk to everyone you know who is involved in the project and read through your entire contract.

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Thiago
The main difference of buying off-the-plan properties from established homes is that you only put a deposit now normally 10%) and have to come up with the remaining amount only at settlement in a few years when the property is completed. The seller will be holding your deposit in a trust account and change of ownership will not happen until settlement. For those who will require a bank loan, you must ensure your are "loan serviceable" closer to settlement and not necessary now when you are purchasing. In some cases this is beneficial as you can secure a home today and have a few years to get prepared to take on a mortgage.
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Always make sure you research all professionals you work with as well as zoning and building regulations and the builder's previous projects.