Note my cup of tea, but good advice if you decide to purchase OTP. http://propertyupdate.com.au/some-special-clauses-when-buying-off-the-plan-rob-balanda/ Clauses are summarised below, but read the article above for an explanation.
And if it is a commercial development lend then you have the financier to approve conditions also. They wouldn't touch above.
With those clauses the developer couldn't regard it as an unconditional contract, so the developer's financier wouldn't consider it as a "sale". For a developer to accept this you would think they would have to be desperate, already have finance or not know what they are doing. In addition to this, if the valuations come in under and the developer has to settle as per the proposed clauses they will immediately affect the value of the other properties in the development. This would cause significant reputational damage with both their purchasers and financiers which in turn would threaten the viability of future projects. No harm in trying, but I can't see it happening.
We write off the plan contracts for developers all the time, so know first hand what the financier's require and how picky they are. It wouldn't be unconditional in the eyes of the financier so would not count in their presales numbers. Many lenders require us to provide a written advice outlining that each of the contracts are indeed unconditional. Even if you were on a residential lend in a small development I just don't see any advantage for the vendor, unless they were absolutely desperate.
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