The contract of sale for buildings purchased off the plan i.e. before the plan has been certified by council or registered at the Land Title Office, are usually lengthy. It is important to read the contract carefully and to understand it, to check the measurements of the property against the plan of subdivision, to have an independent architect or builder appraise the plans and specifications, to check the rules of the body corporate, and if appropriate, have an independent appraisal of the property as a rental preposition. Unless the contract provides otherwise, a purchaser may end a contract if the plan of subdivision has not been registered eighteen months from the date of the contract of sale.
Stamp duty is payable on the value of the land and building as at the date of the contract of sale.
Therefore if construction or refurbishment is yet to be commenced a reduced amount of stamp duty is payable when compared with buying an existing or refurbished building. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Law Institute of Victoria web site to your particular circumstances. For further information please refer to the full disclaimer and statement of legal rights .