Buying a property off-the-plan means agreeing to purchase a property before construction or completion, and usually before the plan of subdivision has been registered and separate titles for the property issued. In other words, you are buying a property based on its plans and specifications rather than physically seeing the finished product.
The common form of contract for the sale of real estate in Victoria provides that the purchaser buys the property in its current condition, and any omission or mistake in the description of the property or any deficiency in the area of the land does not invalidate the sale. Accordingly, a purchaser should test and document what appliances are in working order on the day of sale, including hot water service and any heating/cooling, as well as measuring the land to the nearest intersection to ensure the property fences are on the correct boundary.
A section 32 signed by the vendor must be provided to any interested party before they sign a contract to purchase the property. As an estate agent will commonly require an interest party present their offer on a contract of sale, it is essential that a vendor provide a signed section 32 to the estate agent as soon as possible.
