Legal expert warns of risk of buying apartments off the plan
Prospective buyers and investors are being warned of the inherent risks of buying apartments off the plan.
More than 150 apartments in a complex at Moonee Ponds have been snapped up, despite the developers not having approval.
Justin Lawrence, partner at Henderson and Ball lawyers, says purchasers are burdened with a huge risk in these circumstances.
‘From the developer’s point of view, there’s no risk for him,’ Mr Lawrence told 3AW Breakfast’s Ross and John.
‘There’s a huge risk for the purchaser of course because you never know what you’re going to get at the end of the day.’
‘So don’t picture yourself sitting on the sofa on the lounge room gazing out at this beautiful view on the marketing brochure because it just might not happen.’