Off The Plan Settlement Time

Enlightened23 on 31/01/2024 - 10:59
Last edited 31/01/2024 - 11:40 by 1 other user

Hi everyone, I have bought off the plan apartment in Fitzroy, Melbourne.

Pre settlement inspection is on 21st of February. Developer gave the idea of settlement time is from end of March to April.

Would like to know the rough answer of following questions:

1.) Do registeration of land happens after the pre settlement inspection? Because some people have recieved 2 weeks of settlement notice right away after the pre settlement inspection.

2.) Developer told me that occupancy certificate will be issues after the pre settle ment inspection.

I'm trying to find the timeframe as I need to change my job after the loan settlement. Trying to find the rough idea when the loan settlement date might be released after the pre settlement inspection.

Thank You,

Home & Garden

Comments

  • brendanm on 31/01/2024 - 11:20
    +19

    I have bought off the plan apartment in Carlton, Melbourne.

    My condolences.

    • Duckie2hh on 31/01/2024 - 11:34
      +2

      Jinx

    • Enlightened23 on 31/01/2024 - 11:39

      Well not really carlton, its bit of fitzroy

      • brad1-8tsi on 31/01/2024 - 13:08
        +2

        He's not referring to the area.

        Off the plan is fraught with risk.

        Make sure you measure up. They like giving you 80cm for every metre they sold

        They also like to lock in an associated entity for long term strata management with guaranteed yearly rises in management fee

    • star-ggg on 31/01/2024 - 15:22

      Save them for when Vic appoints a Building Commissioner like NSW

  • Duckie2hh on 31/01/2024 - 11:34
    +5

    bought off the plan apartment in Carlton

    condolences.

    Don't pay final installment without seeing the occupancy certificate.

  • Mechz on 31/01/2024 - 12:00

    How big of a shoebox did you manage to buy and how much are they actually providing compared to the original plans?

    • dasher86 on 31/01/2024 - 12:23
      +2

      How much are they ripping you on Owner's Corporation fees and how much will it increase?

      The answer will be crap loads.

    • Duckie2hh on 31/01/2024 - 12:33
      +2

      Don't forget the builders allowance to shrink the apartment size by 10%

  • pjetson on 31/01/2024 - 13:27

    Trying to find the rough idea when the loan settlement date might be released after the pre settlement inspection.

    Only the developer knows for sure.

    My guess would be somewhere between two weeks and the end of April.

    • avoidfullprice on 31/01/2024 - 13:57

      Only the developer knows for sure.

      Occupation certification is a state/council function (but may be done by a private certifier). The timeframe depends on how much issues they pick during the process, and time for builder to rectify

      Developer is in the loop in the process but can’t hasten

  • Derrick Crane on 31/01/2024 - 16:23
    +1

    Settlement will occur about 6 months after the developer says it will.

  • AndyC1 on 31/01/2024 - 19:28

    What does the contract say that you signed?

    • Nugs on 01/02/2024 - 18:54
      +1

      Ask ozb, standard contract inclusion in 2024
      .

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