So you have found your perfect new townhouse. What now?
When buying off-the-plan or under construction, there are a few steps involved with securing your property.
Once you have found your perfect new townhouse, you will need to provide a holding fee (normally $1,000) and sign an expression of interest, with a deadline for expiry.
Also referred to as a holding fee, this payment along with your expression of interest will secure you first right of refusal for the lot number of your choice. This fee will hold the property for a determined period of time to enable the contracts to be ready for signing.
The contract creation may be managed by either the authorised sales agent or a solicitor and should normally be ready within a week or two.
- At the point of signing and exchanging contracts, you will normally need to provide a 10% deposit. If you miss the deadline for contract signing (as detailed in the expression of interest), the townhouse may be sold to someone else.
- You normally wouldn’t seek the advice of a solicitor before signing an expression of interest and you may want to explore pre-approval on finance with your bank.
- You may consider seeking legal advice before signing the contract and the normal statutory cooling off periods will apply.
If you are considering the purchase of a new home or an investment property, the townhouse buyers guide will help you to better understand all the steps to buying off-the-plan, under construction or newly built. The free guide covers the A to Z of buying new and is a must read for all singles, downsizers, families, investors and first home buyers. Click here to request your free copy now.
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