Devil is in the detail with off the plan purchases

‘Anyone who buys OTP will be advised about the much longer timeframes for settlement and the issuing of titles,’ he said. ‘Buyers agree to this when signing the contract.

‘In this instance, buyers were informed that it might take up to two years for titles to be issued, as developers know there can be delays with the complex system of getting final approvals from various government departments to release land.

‘It is not recommended that buyers embark on signing a building contract before the titles are issued and if they do, it’s at their own financial risk.’

Mr Airey said a form of general conditions provided to all buyers at the point of contract, which they had to sign for, explained buyers’ rights with OTP sales.

‘There are benefits in buying OTP, but they also come with the responsibility of knowing what you can and can’t do during the process towards settlement,’ he said.