The recent property boom has sparked a rush of new residential construction projects, with many buyers purchasing "off the plan". Buying "off the plan" is when the vendor sells properties that only exist on paper - they haven't been built yet. Such arrangements have their pros and cons, so it certainly pays for buyers to make sure they know what they are getting into -- especially with any conditions surrounding a sunset clause.That involves a date by which a contract may be rescinded or cancelled without penalty, by either the developer or the purchaser, if some conditions are not met.It is meant to protect both parties. Maheswaran Prabaharan reports in Tamil, feature prepared by SBS finance editor Ricardo Goncalves for SBS News.
The recent property boom has sparked a rush of new residential construction projects, with many buyers purchasing "off the plan". Buying "off the plan" is when the vendor sells properties that only exist on paper - they haven't been built yet. Such arrangements have their pros and cons, so it certainly pays for buyers to make sure they know what they are getting into -- especially with any conditions surrounding a sunset clause.That involves a date by which a contract may be rescinded or cancelled without penalty, by either the developer or the purchaser, if some conditions are not met.It is meant to protect both parties. Maheswaran Prabaharan reports in Tamil, feature prepared by SBS finance editor Ricardo Goncalves for SBS News.
