Queen City Law are highly experienced representing clients who buy off the plans and we help purchasers gain complete understanding of the legal implications of the property whenever possible. We advise you to talk to independent valuers and real estate agents, and check recent sales in the area. This is particularly important if you are buying off the plans. You want to know that the value of the finished apartment will reflect at least what you paid.
Buying off the plans
As most apartment complexes are built by developers, it is good practice to check the background of the developer, the architect or designer and the builder employed by the developer. Find out if there have been any problems with other developments these people have been involved in. Warning signs include bankruptcy or court action. Look into the financials of the developer for assurance they have the financial backing to complete the development. This is especially important if you are buying off the plans, because if the developer goes under and is unable to start or complete the building, you could conceivably lose any money you’ve paid unless appropriate systems are put in place.
A developer may be liable for prosecution for selling or allowing the purchaser to take possession of a unit prior to obtaining a Code Compliance Certificate (CCC). Check with your solicitor. Some developers may try to get around this by inserting a clause into the sale and purchase agreement that commits you to purchase or take possession of the unit prior to the developer obtaining the CCC. Have an independent person look at the plans and get an assurance from the developer that what is on the plans is what you are getting. And find out if the developer has the necessary resource and building consents before you pay anything. To contact a member of the Queen City Law property team click here.
When buying off the plans it is best to talk to your lawyer first. Queen City Law are experts in the Auckland apartment market. We know the developers side and we know the purchasers side and our property lawyers go the extra mile to make the deal happen for you, whichever side of the deal you are on.
Queen City Law are also pleased to present new opportunities for city dwellers and investors alike. Check out our new properties for sale in Central Auckland, we represent some of the best developments currently available. Park Residence 35 Albert Street Auckland CBD, NZ and Queens Residence – 8 Airdale St, 273, Executive Residences
225 FREEHOLD STRATA Superior Exclusive Residences. Designed for Owner Occupiers and Discerning Investors. This is living. Where Quality, Lifestyle & Location Are Redefined.Only Minutes Walk To The Office.Relax & Unwind Park Residences provides a harmonious fusion of inner city convenience and parkside living to create your very own urban sanctuary. Located in the heart of Auckland’s financial district. Elegant, Spacious and redefined.
Park Residence 35 Albert Street Auckland CBD, NZ are a great investment. 225 FREEHOLD STRATA Superior Exclusive Residences. Owner Occupiers, Discerning Investors. Initially Priced round between $325k NZD and $800k NZD
For more about Marcus Beveridge click here. Check out our other properties for sale click here