Making an offer & signing a contract
Making an offer and signing a contract
Contact the agent to put an offer on the property in writing. We recommend sending an offer via email however there is no formal requirement as such. Offers can be made over the phone, text, email or in person. There is no obligation to proceed with your offer unless a contract has been signed by both the seller and the buyer.
You will usually have the agent come back with a counter offer. You can then continue negotiation until the terms have been agreed upon.
The following factors should be taken into account when making an offer.
- Purchase price
- Cooling off period (5 to 10 days for NSW purchases)
- Deposit amount once cooling off expires (5% or 10% for NSW purchases)
- Settlement period (usually 6 weeks for NSW contracts)
Once you offer has been accepted, you will usually pay a small deposit and sign the contract of sale. The agent will collect your conveyancer/solicitor details and forward the original contracts to your representative.
We recommend that you are speaking with your broker when making an offer so they are aware of the terms of the offer and to ensure a smooth process of your loan application.