Residential off-the-plan purchase
A residential off-the-plan purchase occurs when a person enters into a contract to purchase new residential property before construction is completed.
It generally involves a proposed lot where the title is yet to be registered.
Settlement of the contract cannot occur until certain events have happened (e.g. where the owner of the land has not completed all capital works required before the title can issue, such as boundaries, roads, and telephone and electricity connections; or where an apartment block is being built).