Questions and Answers

A sunset clause is a provision in a contract of sale that sets a date after which the agreement is no longer in effect, such as reaching settlement by a certain date.

Both the buyer and seller can use this clause to protect themselves from certain circumstances. For example:

• a buyer can use a clause to state the expected completion date because, if the developer runs out of money, they could hold up construction indefinitely with no way for the buyer to get their deposit back or compel the developer to finish construction
• a vendor may use a sunset clause to fix a settlement date, thus ensuring that they are paid in full as promptly as possible.

As the property is generally not built yet the largest benefit of purchasing "off the plan" is Time. You have a longer amount of time before settlement allowing you to ensure your finances are in order. This also allows you time to 'get things in order' for your new home, furniture, moving arrangements etc This will also make the whole process a lot less stressful for you.

It is always best to be organised and sort out your Finance ahead of time, however, generally you will be notified by your Solicitor, once they have received formal instructions that Settlement is to take place within a few weeks' time.

There are several ways you can organise to pay your 10% deposit for your Off the Plan purchase;

• Deposit Bond
• Bank or Personal Cheque
• Electronic Funds Transfer (EFT) directly to the agent
• Bank Guarantee

We pride ourselves on our expertise in all things Project Development, whether you are looking to;

• Buy a site ready to develop your dream
• Sell your development for the best possible price to the highest bidder
• Purchase your first property or Investment "Off the Plan"

Raine & Horne Randwick | Coogee can assist and guide you with a complete understanding of the entire process – You are in great hands for the full 360 degree Project Development service.