How it works
How off-the-plan nomination works in Victoria
Nomination substitutes a new purchaser into an existing off-the-plan contract before settlement. Here is what is actually involved in Victoria.
Secure a quality nomination efficiently, with funds held in trust and legal oversight throughout
- 01
Pay the holding deposit to reserve the property
Once you have chosen a property, a AUD $2,000 holding deposit secures your exclusive first right to purchase.
- 02
Transfer the 10% deposit into a supervised trust account
An amount equivalent to the 10% deposit already paid by the original purchaser to the developer will be transferred into the platform’s regulated account. Funds will not pass through any personal accounts.
- 03
Both parties sign the official nomination form
The seller signs first, once the evidence of funds is confirmed. The buyer then completes all nomination documents under the guidance of their conveyancer.
- 04
Submit to the developer's solicitor for approval
The buyer's solicitor formally lodges the nomination form and the buyer's supporting documents with the developer's solicitor, applying for official consent to nominate.
- 05
Receive the developer's written confirmation
The developer's solicitor approves the application and issues a written confirmation letter. The nomination takes effect and the contractual rights transfer to the buyer.
- 06 & 07
Authorise release of funds and prepare for settlement
After the developer's confirmation is received, the trust account releases the 10% deposit to the seller only once the buyer has authorised it by email. The buyer then waits for settlement of the completed property.
Exit before settlement, avoiding default risk and heavy penalties
- 01
Submit your contract for a free assessment
Send us the basics of your off-the-plan contract (property type, expected settlement date, original purchase price). We assess whether nomination is feasible and what the market looks like, free of charge and in strict confidence.
- 02
Sign an exclusive assignment service agreement
We set out the service terms, target transfer price and commission. Once both parties sign, the property enters our off-market buyer database for private matching.
- 03
Secure a committed buyer and their funds
The buyer pays the holding deposit and the 10% deposit into the supervised trust account. Once receipt of funds is confirmed, we assist you in signing the nomination form.
- 04
Developer approval and the nomination takes effect
Solicitors for both parties lodge the nomination application with the developer and obtain the developer's official confirmation letter.
- 05
Recover your funds and discharge your obligations
Once the developer's confirmation letter is received, the trust account releases the buyer's 10% deposit to you in accordance with the agreement.
Disclaimer and the limits of our role
The role of your conveyancer
Nomination is a legal process. You must engage your own conveyancer or solicitor to review the contract of sale, the Section 32 statement, the developer's nomination requirements and the duty position. We coordinate the transaction; we do not provide legal or tax advice.