Should you consider purchasing property off-plan?

15 May 2023 437
Buying off-plan, also known as purchasing a unit prior to it being built, is a popular option for those looking to save money and secure their desired property before it hits the market. Off-plan purchases often come with cost-saving benefits, such as lower prices, as developers aim to secure early sales to finance their projects.

There are, however, several risks associated with buying off-plan, including the possibility of delayed completion, changes to the design or features of the property, and potential financial losses if the project is not completed. It's crucial for buyers to thoroughly research the developer and project before making a commitment. This includes looking into the developer's track record, financial stability, and legal compliance.

Legal challenges can arise when dealing with property development, and it's important to have experienced attorneys on your side to provide the latest news and developments in the industry. At VRS Attorneys, we are committed to empowering clients by providing legal support and assistance with every legal matter. Our team has specialised knowledge and vast experience helping property developers, town planners and land surveyors with all legal requirements for residential and commercial developments.

We understand the complexities of property development and can assist clients with a range of legal challenges, including drafting and reviewing contracts, resolving disputes, and ensuring compliance with local regulations. Our goal is to provide clients with the support they need to maximise their unique positions and avoid illegal or detrimental long-term consequences.

Let us provide you with legal assistance for all your property development requirements: info@vrsc.co.za

Disclaimer: This article is the personal opinion/view of the author(s) and is not necessarily that of the firm. The content is provided for information only and should not be seen as an exact or complete exposition of the law. Accordingly, no reliance should be placed on the content for any reason whatsoever and no action should be taken on the basis thereof unless its application and accuracy have been confirmed by a legal advisor. The firm and author(s) cannot be held liable for any prejudice or damage resulting from action taken based on this content without further written confirmation by the author(s).
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