An off-plan purchase is a contract to buy a unit or lot that does not yet exist in finished form. The buyer commits on the basis of drawings, specifications and the developer’s promises, and pays in instalments while construction goes on. Pre-construction sales, where marketing starts before ground is broken, are the earliest version of the same thing.
How it works in Jamaica
Pre-sales are regulated by the Real Estate (Dealers and Developers) Act. A developer must register both itself and the development with the Real Estate Board before taking money from buyers, and the board treats deposits on such pre-payment purchases as protected funds, to be kept in a trust account rather than used freely. Payments typically follow milestones, with the balance, often a mortgage, due on completion of the unit and issue of a strata or split title.
Rewards and risks
Prices can be lower than for finished stock, and buyers may choose finishes. The risks are delay, changes to the specification and, in the worst case, a stalled project. The Real Estate Board keeps a register that flags developments past their estimated completion date. Before signing, check the developer’s registration, planning approvals and title, and have an attorney review the payment terms, completion date and what happens if it is missed.
Related terms: Real Estate (Dealers and Developers) Act, Developer, Unregistered developers, Agreement for Sale, Practical Completion, Strata Title.
Accurate as at October 2026.
