Buying Apartments ‘Off the Plan’ – Information Disclosure and Sales Contracts (APREF 8)

Description

What are the key challenges for purchasing apartments ‘off the plan’?  

Two key challenges arise for strata title purchasers:

1. First, consumers purchasing apartments ‘off the plan’ (OTP) are subject to quite biased and complex sales contracts that favour developers, the ‘original owner.’ There is no ‘standard’ contract for purchasing ‘off the plan’ as the developer drafts these contracts, which provides a level of uncertainty to consumers.

2. Secondly, most consumers are unaware of the property rights and obligations that arise from purchasing a strata title property. This is despite the varying information disclosure requirements in each of the Australian states and territories regarding residential sales transactions.

To date, there has been no comprehensive critical review of ‘off the plan’ information disclosure requirements of apartment sales contracts. Furthermore, anecdotal evidence and ongoing industry discussions have pointed to a lack of consumer knowledge of strata title property rights and expectations (Sherry, 2018).

Within this context, this webinar will examine information disclosure requirements of ‘off the plan’ sales contracts and help you understand consumers’ knowledge of strata title property ownership obligations.

Learning Outcomes

During the webinar participants will gain:

1. An understanding of Information Disclosure requirements in Australia

2. An understanding of OTP Apartment Owner market and their levels of informed decision making
3. A review of and analysis of OTP Sales Contracts