The offer and acceptance process is quite formalised, so it is important to understand the process before making an offer.
For a property that is for private treaty sale at a price:
• The agent will submit all offers to the seller
• The property remains on the market until an offer is accepted
• Your offer may include a finite date
• Your offer can be made subject to finance
• Your offer can be made with specific items being omitted or included in the contract e.g. to exclude an above ground pool. These special conditions must be written into the contract.
• You can make an offer containing a deposit, prior to acceptance, to demonstrate your intention to purchase. (The balance of the deposit is paid after acceptance). Should your offer be declined, your deposit will be refunded.
• An offer is not legally binding to both parties until both the buyer and the seller have signed the contract.
Once your offer has been accepted, you are required to pay the deposit as specified in the contract. The seller will then sign the offer document, making a “contract”, legally binding you to the sale.
Some States have cooling off periods after contracts have been signed. We strongly recommend you seek legal advice before signing.