Buying off plan
What is buying off plan?
Buying property off-plan means that you are buying an apartment/s directly from a property developer prior to the scheme being built.
Your decision to purchase into a scheme will be aided by 3-D renders and floor plans, other than the area the scheme will be situated and the benefits the scheme has to offer.
Benefits of buying off plan
De-risk when buying off plan
The biggest consideration when buying off-plan is that some developments don’t materialize due to various reasons. The smartest thing a buyer can do is buying into a successful development brand.
The team behind Urban Artisan Apartments has completed multiple successful projects in Woodstock, to name a few Sussex Studios, Swift Studios, The Pals Building, The Cornerstone Campus and the newest addition Brickworks. Buying into a tried and tested recipe is imperative.
1. Reserving unit
Select your exact unit on the Urban Artisan website and checkout with the unit in your basket. Your reservation deposit would be paid into the trust account of Robinson Transferring Attorneys and is fully refundable.
2. Complete the required documentation
One of our sales agents will get into contact with you as soon as you have reserved your unit. You have 72 hours to complete the relevant documentation.
3. Submitting your deposit
Once all the documentation is complete, it is time to pay the 10% deposit. Proof of payment must be received within 7 days of reserving your unit.
4. Secure finance options
Present the remainder 90% bank issued guarantees
Secure the remainder 90% bond amount
5. Construction process begins
The developer and his professional team has given the go ahead to start demolition and the development has officially started.
6. Construction update
All buyers are continuously updated in order to ensure transparency regarding the final construction date. The development is starting to take shape
The developer and his professional team are in agreement that the development is complete. The relevant conveyancer will now process the transfers. Each owner will now receive their title deed with the relevant details of their sectional title unit.
8. Body corporate formation
Body corporate formation will take place within 2 weeks of transfer. Those buyers whom financed their apartment via a bond will only need to service this repayment on the date of transfer.
Need to knows
If an apartment is bought as a cash purchase, the buyer must produce a bank guarantee or other guarantee acceptable to the sales team. If the purchaser would like the assistance of a bond, the purchaser will have 45 days to furnish the sale team with an acceptance document generated by the bank. If the purchaser is a non-South African resident, don't worry you are still able to purchase units, contact the sales team for assistance.
The following material was provided as a very basic guide to familiarizing a buyer with the purchasing process in a new sectional title development and is for information purposes only. There are a number of factors that need to be met in order for the development to take place. Please consult with an attorney if you are unsure with a process that relates to the buying of an apartment.