Buying a home is one of the biggest decisions you’ll ever make — and for many, that journey starts before the property is even built. This is where off-the-plan comes in. While it might sound complex at first, understanding the basics can help you make confident choices.
In this guide, we’ll break down what off-the-plan means, how it works, and key things every buyer should know.
💡 What does “off-the-plan property” mean?
An off-the-plan property is a home or apartment purchased before construction is finished (sometimes even before the first brick is laid). Buyers rely on architectural plans, artist impressions, and display suites to get a vision of what the final property will look like.
The main appeal? You lock in today’s price for a home that will be completed in the future.
🛠 How does buying off-the-plan work step by step?
Here’s a simple outline of the process:
- Research & choose a development or project.
- Pay a deposit (often 5–10%) to secure your property.
- Sign the contract which outlines price, design, and key dates.
- Construction phase — the building is completed over 1–3 years.
- Settlement — once construction finishes, you pay the balance, and the property is officially yours.
📜 What is a sunset clause?
A sunset clause is a legal condition in off-the-plan contracts. It sets a deadline for when the development must be completed.
- If the project isn’t finished by this date, the buyer or developer can cancel the contract.
- In most cases, your deposit is refunded — but timelines and rights vary, so it’s important to review this with a lawyer or conveyancer.
🔄 Can I sell my off-the-plan apartment before settlement?
Yes, this is called an assignment of contract. Some buyers choose to sell their contract to another party before settlement, often if property values have risen or their circumstances have changed.
⚠️ Keep in mind:
- Not all contracts allow it.
- You’ll need developer approval.
- Legal and tax obligations apply.
⏳ What happens if the developer delays or cancels the project?
Delays are not uncommon with large-scale builds. In most cases, the contract outlines extension rights and how long a developer can take.
If a project is cancelled under the sunset clause:
- Your deposit is refunded.
- You may miss out on expected capital growth during the delay.
This is why researching a developer’s track record is crucial before committing.
Buying off-the-plan can open the door to future-focused living — but it also comes with unique conditions buyers should understand. From the meaning of sunset clauses to knowing your options if you sell early, being informed makes all the difference.
At AirHomes, we believe knowledge is the key to a Better Way to Build.