Buying off-plan

Lodge the contract

Filing the sale contract at the Land Registry gives you a registered interest in the property and the ability to seek specific performance. Do it within 6 months of signature. This is the single most important protection in an off-plan purchase and it is cheap.

Check what is charged on the land

Developers commonly borrow against the whole development. If that mortgage is not released for your unit, a bank can hold a charge over the property you paid for. Your advocate must check this before you sign and must know what mechanism releases it.

Separate title deeds

Title for an individual unit issues after the building is certified and the plot subdivided. Historically this has taken years in some developments. Ask when deeds are expected, what triggers the issue, and what the contract says if they do not appear.

Stage payments

• Tie each payment to a verifiable construction milestone, not a calendar date
• Keep a meaningful final payment for after snagging is complete
• Agree who certifies each stage, and make sure it is not the developer alone
• Establish the delivery date and the consequence of missing it in writing

Deposits

A reservation deposit taken before your advocate has reviewed anything is money at risk. Ask in writing what makes it refundable, and prefer a short reservation period over a large deposit.