Contract Clauses When Purchasing Investment Properties Off The Plan
Purchasing ‘off the plan’ has upsides and downsides. Because a lot is left to the visual imagination of the buyer from plans and drawings, a clear insight into any personal requirements needs to be discussed before signing a contract.
Some buyes are very lucky in that they have strong visualization abilities and can easily see correctly how a property will look and what level of outdoor views etc, will be affected by a building. However, some buyers do not have this ability and this can cause major concerns once a property has been finished.
More and more buyers are taking developers to court over the term “unobstructed ocean views” because this term is a very strong selling point and one which buyers are prepared to fight for.
If, as a buyer, you have a very strong view about any particular aspect of a property that you are buying off the plan, discuss it with the agent and ensure that a conditional caluse is in the contract and ensure that the wording of the clause is technically correct.
A recent decision in the supreme court of Gilson v Flamingo Enterprises Pty Ltd [2010] QSC 53 found in favour of the buyer because of a clause in the contract clarifying the ocean view requirement.
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