So how does an off-plan transaction actually work? Here’s a simplified roadmap:
1. Initial Research — vet the project and the developer’s track record.
2. Legal Due Diligence — confirm the land title, approvals (NEMA, NCA, county permits), and encumbrances.
3. Sale Agreement — review terms like payment structure, completion dates, handover, and dispute resolution.
4. Payment Plan — usually staged, tied to construction milestones.
5. Monitoring Progress — insist on updates, reports, and site visits.
6. Handover & Inspection — check for defects before final acceptance.
7. Registration & Transfer — pay stamp duty (typically 4%) and ensure the property is registered in your name.
Following these steps ensures you’re not just relying on promises but also protecting your rights along the way.