Real Estate Service
Real estate off-plan refers to the purchase of a property that is still under construction and has not yet been completed.
Off-plan properties are often sold by developers before the construction is finished, and buyers typically make a deposit and pay the balance in instalments as the construction progresses. Off-plan properties can be a good option for buyers who want to get a property at a lower price before it is completed and potentially more expensive. However, there are also risks involved in purchasing an off-plan property, such as the possibility that the construction may be delayed or the final product may not meet the buyer’s expectations. It is important for buyers to carefully research the developer and the project before committing to an off-plan purchase.
How Off-plan Works
When purchasing a real estate off-plan property, buyers typically enter into a contract with the developer to purchase the property before it is completed. The contract will typically outline the terms of the sale, including the purchase price, the payment schedule, and any warranties or guarantees provided by the developer.
In most cases, buyers will be required to make a deposit when the contract is signed, and will then make additional payments as the construction of the property progresses. The payments may be made in a variety of ways, such as a lump sum, a series of instalments, or a combination of the two.
It is important for buyers to carefully review the contract and any associated documents before signing, to ensure that they understand their rights and obligations, as well as any risks or potential issues associated with the purchase. It is also a good idea to seek legal advice to ensure that the contract is fair and reasonable.
Once the construction of the property is complete, the developer will transfer ownership of the property to the buyer and the sale will be finalized.
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