Off-the-plan apartments

It means signing a contract to buy a property before it is built or finished. You pay a deposit at contract, and the balance at settlement once construction is complete and the title has issued. The design, finishes and dimensions are set out in the contract and plans rather than viewed in person.

Deposits are commonly around ten per cent of the purchase price, held in a trust account until settlement, though it varies by developer and project. The balance is not due until the building is complete, which is often years later.

It depends entirely on where the building is in its programme. Some projects listed here complete within a year; others are several years away. Every project page shows its expected completion, and says so plainly when that date is not yet fixed.

Not the apartment itself, because it does not exist yet. Most projects have a display suite with the actual finishes and a representative room layout, and the contract carries the floor plans and a schedule of finishes. We can arrange a display suite visit for any project listed here.

Contracts include a sunset date, which is the latest the developer has to finish. Delays within that period are common and usually just mean a later settlement. What happens if the sunset date passes depends on the contract and on state law, and it is one of the things worth having your conveyancer explain before you sign.