New builds: the clauses that bite
The bottom line
The developer's further terms replace the standard agreement. Read them before you sign, not at 90% built.
A new build is sold on the developer's agreement, and the further terms decide when you settle, what happens if the build runs late, and what you can do about defects. Sunset clauses usually protect the developer. Settlement triggered by CCC can leave your bank only days to release funds.
The timeline tool in this lesson shows each clause switching on as the build progresses, so you can see exactly where your risk sits.
Read this
New builds and off-the-plans
Do this
Drag the New-build clauses timeline from bare land to move-in
Check yourself
Who does a sunset clause usually protect?
The developer.
What usually triggers settlement on a new build?
The Code Compliance Certificate issuing.
Why is a short settlement after CCC a risk?
Your bank may not be able to release funds in time.
Talk it through
Want a lawyer to check your situation?
A free 15-minute call with a property lawyer who only works with first home buyers.