Buying Off Plan Is Too Risky

Buying off-plan? Dissect the contract

Rising numbers of people who buy townhouses and apartments off-plan are being faced with the nasty prospect of having the date of delivery of their units postponed.

And while many developers give buyers adequate notice of the delay in delivery, some inform buyers less than a month before occupation that they are no longer able to take ownership of the unit on the specified day.

The consequences can be grim, especially for those who were renting and decided that they are no longer going to service someone else’s bond, as they may have given the required month’s notice already – leaving them highly inconvenienced and technically homeless.