All Topics / Help Needed! / Selling off the plan, how does it work

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  • Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23

    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

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    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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    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    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, 8 months ago by Profile photo of Nigel Kibel Nigel Kibel.

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    Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23
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