Purchasers Off the Plan

Conveyancing Steps and Processes for Purchasing Off the Plan

  • Go to Sales display office, seeing the development details of the new proposed apartment or townhouse.
  • Double check the sale price and the practical completion and registration time frame (this is different to the Sunset and rights of delays in the Contract.
  • Contact and speak to ABS Conveyancing for the Off the Plan Conveyancing Quote.
  • Once your offer of sale price is accepted, Agent provides Sales Advice.
  • Vendor developer legal team provides Off the Plan Contract with disclosure statement to ABS Conveyancing.
  • Make initial payment to ABS Conveyancing for the Contract Review, then discuss and instruct Contract Changes & Questions.
  • Contract signing and exchanging.
  • ABS Conveyancing advises Purchaser/s on the Exchange, then advises when Stamp Duty is due and payable.
  • Forms to the Purchaser/s for stamp duty to be processed, ready to pay when due. Includes first home buyer concessions form, if a first home buyer.
  • Payment of Stamp Duty, when due.
  • Ongoing updates from the Vendor developer legal team, which ABS Conveyancing promptly forwards onto the Purchaser/s.
  • Purchaser provides ongoing updates to their mortgage broker or banker, ready to complete loan approval requirements, before notice is given for settlement.
  • Vendor developer legal team provides notice on occupation certificate, registration and then notice for settlement.
  • Bit and pieces to your bank.
  • Set up with bits and pieces PEXA, for electronic on-line settlement.
  • Settlement Adjustment Sheet, Vendor ATO GST Residential Withholding details, Vendor Pay Directions provided by the Vendor Developer’s legal team.
  • ABS Conveyancing advises the Purchaser/s the total funds required for settlement –
    Vendor Pay Directions
    Stamp Duty (if not paid already)
    Balance of the conveyancing fees to ABS Conveyancing
    Transfer/lodgement fees with bank, PEXA and the
    Land Titles Office (NSW Land Registry Services
  • Purchaser/s organises the Pre-Settlement inspection with the Agent.
  • Purchaser/s advises ABS Conveyancing either all fine with the Pre-Settlement inspection, or any issues to raise post settlement, of defects to be fixed up, during the 60-or 90-day defects period, after settlement. ABS Conveyancing provides defects list after settlement to the Vendor Developer legal team, to forward onto the project manager, who liaises with the Purchaser/s and the strata manager.
  • Day of Settlement, ABS Conveyancing monitors and controls the PEXA workspace, for a successful settlement.
    All the electronic documents and payments go through.
  • ABS Conveyancing rings the Purchaser/s of the Successful Settlement.
  • Post Successful Settlement, Vendor’s Conveyancer/Solicitor sends the Order on the Agent, to the Agent, to release the keys/tags/cards to the Purchaser/s now the new owners and the deposit to the Vendors, less the Agents’ commission and marketing costs.
  • Land Titles Office (NSW Land Registry Services) sends notice to council and water on the new ownership details.
  • If strata, ABS Conveyancing signed off on Section 184 notice, to the Purchaser’s Conveyancer/Solicitor, to the strata manager, of the new ownership details.
  • ABS Conveyancing orders a Title Search, few days later, to make sure the transfer is completed, now in the Purchaser’s name, with their bank as the mortgagee, if there is an incoming mortgagee.
  • Closing off File and Conveyancing Matter.