What is an Off the Plan Purchase?

If a property is being sold Off the Plan it means that, at the time of the Contract being signed, the dwelling on the land is either about to be built or is in the process of being built. There are advantages and disadvantages to this type of purchase. On the plus side you receive a stamp duty reduction based on the stage the building is at at the time of signing the Contract. On the negative side, you cannot inspect the property at signing time and have to rely on plans and lists of inclusions included in the Contract.