Steps to buying an apartment off the plan

23 February 2016

There are currently a host of choices for buying an apartment in Canberra off the plan.

And let’s be clear: there’s no mystery to buying off the plan. Here’s a step-by-step guide to the process.

► Once you’ve seen an apartment you love, check with your bank or mortgage broker to make sure you can afford the property.

► Reserve your desired property with a holding deposit, which can range from $500 to $5,000 (this is fully refundable if you decide not to proceed).

► Complete an Expression of Interest form with your details, the details of the property you are purchasing, and the conveyancer you will be using.

► The contract is sent to your conveyancer, who will contact you to make a time to review the contract and discuss important considerations.

► Exchange on the contract with a 10% deposit, which can be paid in a number of ways. It could be cash, bank guarantee or a deposit bond.

Once you have completed the exchange, there isn’t much you need to worry about until settlement approaches.

► Finalise your mortgage paperwork to ensure that settlement takes place as directed.

Once settlement has occurred, you own the apartment and you can move in or rent it out.

geocon logo footer