How smart technology can assist with handling multi-lot developments and off-the plan developments
In NSW, off-the-plan property buyers will soon be better protected as long-awaited legal changes come into effect this month.
Buying off-the-plan has become increasingly popular, and conveyancers need to be up to speed on these new legislative changes that may affect their clients. Off the plan developments are becoming more popular across Australia, and in Sydney, many developments are becoming their own communities. Examples include Harold Park, Green Square and Central Park, Chippendale.
As more and more off the plan development communities are popping up, and these legal changes come in to effect, conveyancers and developers will need to become more accountable to buyers.
To assist with this accountability, conveyancers should rely on their technology provider to support them through legislative updates and simplify challenging workflows.
This reinforces how important it is for all parties involved in a property transaction to conduct their due diligence. Even with off the plan developments. While technically due diligence can only be conducted on existing properties, it is important to make sure the relevant statutory protections are in place to protect all those involved.
PlanIT is an electronic solution that simplifies the complexities of handling multi-lot and off-the-plan developments. The PlanIT platforms allows our clients to create a master contract, which will then generate individual contracts for each lot within a subdivision. These individual contracts are easily edited from a master or lot level. When it is time for signing, contracts can be executed electronically as an e-contract from anywhere or simply printed in hard copy.
Since its introduction in March 2017, more than 80 law firms have adopted PlanIT and over 500 projects have been created containing over 25,000 lots. This strong demand has seen 250 real estate agents’ access PlanIT via the agent portal, with over 10,000 contracts exchanged electronically. 150 developers now have access to view project details and run daily reports.
PlanIT has been developed with the understanding that your clients are always on the go and property can be sold anywhere, at any time. The service facilitates on-site support for signing at launch days and open days as we understand how important it is to keep up with the 24/7 demands of clients.
Now, with new legislation and the need to meet client demand; property lawyers, conveyancers and developers need solutions like PlanIT to manage off the plan developments and correctly and completely conduct due diligence. Smart technology helps to meet volume demands and manage administrative tasks, enabling you to focus on strengthening client relationships.