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EP. 1500 - DEVELOPERS GETTING THEIR HANDS ON YOUR DEPOSIT WHEN BUYING OFF THE PLAN? TRUE OR FALSE?
Manage episode 502280284 series 3445143
Content provided by Mark Novak, Lisa Novak, Billy Drury, Michael Burgio, Cleo Whithear, Stankovic, Stevan Bubalo, Bidhan Shrestha, Thomas Sims, Jonathan Vescio, Harry Lorcas, Josh Wapshott and guests, Mark Novak, Lisa Novak, Billy Drury, Michael Burgio, Cleo Whithear, Stevan Bubalo, Bidhan Shrestha, Thomas Sims, Jonathan Vescio, Harry Lorcas, and Josh Wapshott. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Mark Novak, Lisa Novak, Billy Drury, Michael Burgio, Cleo Whithear, Stankovic, Stevan Bubalo, Bidhan Shrestha, Thomas Sims, Jonathan Vescio, Harry Lorcas, Josh Wapshott and guests, Mark Novak, Lisa Novak, Billy Drury, Michael Burgio, Cleo Whithear, Stevan Bubalo, Bidhan Shrestha, Thomas Sims, Jonathan Vescio, Harry Lorcas, and Josh Wapshott or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
💰 Buying off the plan? Ever wondered if the developer gets to touch your hard-earned deposit?
The truth: No. Your 10% sits safely in a trust account (agent’s or solicitor’s) until settlement. ✅
Here’s what else you need to know:
✔️ If the project never gets delivered → you get your deposit back.
✔️ Deposit counts toward your final purchase price.
✔️ In some cases, the interest earned is shared.
✔️ On the Northern Beaches, off-the-plan buyers have never lost money when holding long-term.
👉 Don’t let myths hold you back. Off-the-plan can be a smart move in low-supply areas.
#PropertyTips #NorthernBeachesLiving #RealEstateAdvice #OffThePlan #FirstHomeBuyer
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