Selling off the plan, how does it work

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John
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@jcar11457
Join Date: 2010
Post Count: 23
February 27, 2017 - 11:34 am
hi All
I have bought a off the plan unit last year, a friend intend to buy it off from me now, the unit is not yet ready (not even started)
We are wondering how does this work with selling/buying wise, he is willing to pay more than the original purchase price, how does it work to transfer the contract from mine to him?
Cheers
John
Redwood
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@redwood
Join Date: 2013
Post Count: 340
February 27, 2017 - 1:08 pm
John
You will need to engage a lawyer to review the contract and determine based on the relevant clause if the developer will allow you to sell prior to settlement and who keeps the profit – you or the developer. Some of these contracts are quite cunning in this regard.
There will be a nomination involved which the lawyer will provide legal advice on.
Of course – my post is not legal advice
Cheers Ivan
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Nigel Kibel
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Join Date: 2005
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February 28, 2017 - 8:07 am
John
When you purchased the property did you have and or nominees in the contract? If you did it makes it easy. However it is important to seek legal advice to make sure you get this right
- This reply was modified 7 years, 1 month ago by Nigel Kibel.
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John
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@jcar11457
Join Date: 2010
Post Count: 23
February 28, 2017 - 1:36 pm
Thanks All