Buying ‘off the plan’ means buying a property that is yet to be built. This means you are paying for a property where the end product, completion date and value on completion are uncertain, so there are risks involved. It is important to review the contract of sale carefully to ensure you know exactly what you are buying and the terms in the event of cancellation, substitution of fittings, and/or defects. The contract should include things like the floor plan, strata plan, schedule of finishes, home owners warranty insurance and an occupation certificate from the local council. The contract should also include a Sunset Date, which is the date by which the developer must complete the terms of the contract. You may be able to rescind the contract and receive a refund of the deposit if the developer is unable to meet the sunset date. On signing of the contract, you will be required to pay a deposit, usually 10-15%. The remainder is due on settlement, which depending on the stage of development could be months or years in the future. In NSW investors are required to pay stamp duty upfront on off-the-plan properties, while owner occupiers can delay payment by up to 12 months.