Part 1 - Understanding how to buy off the plan and the terms used

Buying off-the-plan can be split up into different sections on a purchasing time-line.

Here is a couple of tips from Apartment Developments that have been highlighted for some of the most important terms heard when researching off-the-plan development.

Building Permit

The building surveyor will carry out inspections of the site before any construction begins. If the building surveyor registers that the site and building passes the requirements of the code, then a permit will be granted.

Deposit

In order to preserve the security of your chosen apartment, a deposit, that is most commonly around 10%, is needed. This deposit is payable by cheque or funds transfer and doesn't have to be paid until contracts have been exchanged between the developer and the purchaser. This deposit is usually held by the developer's solicitor in a trust account. Usually interest is given to the developer, but this can be negotiated. 

Common Walls

These walls refer to boundary walls which share two different occupants. For example; a wall that goes on to a corridor, or an outdoor space.

To find out more tips you can visit Apartment Developments.