What is meant by “off the plan” property?
By: Whitehouse Capital Partners
An off the plan property purchase is the purchase of a property (the right to a property) that has not yet been built or is in the process of being built.
A 10% deposit is normally required to secure the property.
Most developers need to pre-sell projects ( in some cases up to 100% of the project) before they are able to secure funding to start construction. They normally engage a specialist project marketing and investment company like Whiterock Capital Partners to assist them in achieving these pre-sales which will then allows them to commence construction.
During the pre-sales campaign there may be no physical product to inspect, the project is sold using brochures, plans, imagery, in some instances a display suite, finishes boards and should include some independently sourced research.
What is meant by “off the plan” property?
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