New Buying Process in Off-plan Development Sales
Buying a property off-plan can be a challenging experience. Buyers can neither see the unit they are purchasing nor visit the property. The developer is selling the ‘concept’ for a unit not yet built and the buyer is trusting that the developer will deliver on the promise of the ‘concept’.
To help drive consumer protection, Law 27 of 2017 requires developers to allocate a seven-day consideration period to prospective buyers to make a final decision on a unit purchase in an off-plan development. Developers must disclose detailed information to prospective buyers. On selecting a unit, a prospective buyer can ‘reserve’ the unit, review the information provided and take seven days before entering into a ‘binding’ agreement with the developer. This allows buyers times to know the facts and make an informed decision.
Visit our helpdesk for more information and to download our Factsheets for Buyers.