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.