Off-the-plan purchase contract review checklist
Off-the-plan contracts shift significant risk to purchasers through sunset dates and developer variation rights. This checklist walks through a purchaser-side review.
This is a 12-step checklist for reviewing an off-the-plan purchase contract. It covers sunset dates, permitted variations, deposit protection, defects liability, and the strata setup at registration.
The checklist
Verify developer and title
Search the developer entity, confirm title, and review any development approvals.
Check the sunset date
Confirm the sunset date and whether the developer can rescind. Note purchaser protections against phoenix rescissions.
Review permitted variations
Check the scope of permitted variations to plans, materials, and finishes.
Check material change rights
Confirm rescission rights if there is a material change to the lot or common property.
Review disclosure statement
For VIC, review the Section 32; for NSW, the disclosure statement and draft strata documents.
Verify deposit protection
Confirm the deposit is held in trust or secured by bond, and that it is protected until settlement.
Check finance risk
Advise the client to obtain an indicative finance approval — lender may re-value at completion.
Review stamp duty concessions
Check eligibility for off-the-plan concessions and the point at which duty is assessed.
Review strata documents
Review draft by-laws, budget, levies, building management statement, and strata committee setup.
Check defects liability
Review the defects liability period and the process for notifying and rectifying defects.
Check completion and registration
Confirm the trigger for settlement and the notice period for attending completion.
Report to purchaser
Prepare a written advice identifying the specific off-the-plan risks and recommended amendments.
When this checklist applies
Use this checklist on every off-the-plan purchase, particularly for apartments in multi-stage developments where construction risk is highest.
Common pitfalls
- Not reading the developer rescission triggers tied to sunset dates
- Missing phoenix rescission protections in NSW and VIC
- Overlooking wide permitted variation clauses
- Not budgeting for defects in the first year of strata life
- Incorrectly assuming the off-the-plan duty concession applies
Run this checklist on a real matter
Quillio reviews off-the-plan contracts, flags sunset and variation risks, and summarises strata documents. See /practice-areas/commercial-lawyers or start a free trial.
This checklist is a general guide. Off-the-plan contracts carry unique construction and market risks — advise clients to seek independent financial advice.
Use this checklist on your matter.
Quillio can run this checklist on a specific NSW conveyancing matter — confirm each item, calculate adjustments, and generate the supporting documents. The free trial requires no credit card.
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