With the Victorian population booming, everyday there are hundreds of new developments being built. Melbourne is full of exciting off the plan opportunities both in the CBD and outer suburbs.

But with those opportunities to own a beautiful new home or apartment comes the risks associated with a long term purchase transaction.

Your Property Australia is an experienced legal operator in the OTP space, guiding our clients through what can often be an extended, complicated process.

Let’s take a look at how YPA can help you realise your OTP dream!

BEFORE YOU SIGN THE CONTRACT

1. UNDERSTANDING THE PROCESS. Take a look at our latest blog on the major differences between a standard purchase and a purchase off the plan. Click here (Part One) and here (Part Two) for more information.
2. GET IN TOUCH! Now that you’ve had a look at the Your Property Australia website, give the team a call and we can start working together to get you that new home.
3. REVIEW THE CONTRACT. Off the plan contracts are full of information! Take a look at our article on understanding off the plan contracts whilst we review the contract and help you to understand what you are signing.
4. SOLD! TIME TO SIGN ON THE DOTTED LINE. Your offer has been accepted and you understand the OTP settlement process ahead…it’s time to sign!

AFTER YOU SIGN THE CONTRACT

1. THE OTP WAITING GAME. The settlement process for an off the plan property can last anywhere from a couple of months to years. As the property is constructed we keep you up to date with any issues and make sure that you have your finances ready.
2. TRANSFER DOCUMENTS. We prepare all of the transfer documents for the purchase of your off the plan property.
3. COMMUNICATION. We communicate with the Vendor’s legal representatives and your lender to ensure that your finance has been approved.
4. PEXA. Using Australia’s new digital platform Property Exchange Australia, we co-ordinate with your lender to ensure that your funds are available to purchase your new property.
5. ADJUSTMENTS. We ‘adjust’ on the property outgoings (council, water, owners corporation to ensure that you only pay from the date of settlement and are reimbursed for any amounts that are outstanding on the property.
6. STAMP DUTY PAYMENT. We work with you to understand if any stamp duty concessions, exemptions or reductions are available for your purchase. We then organise to pay your stamp duty and registration obligations at settlement.
7. SETTLEMENT The team at Your Property Australia coordinate with the vendor’s real estate agent and lawyers, your mortgage professional and the real estate agent involved in the transaction to ensure a smooth settlement.

Take a moment to look around the Your Property Australia website.

There is plenty of information on both purchasing a property in general and the off the plan purchasing process to give you plenty of confidence as you enter the market!