When an offer is made on your property

 

When a potential buyer wants to make an offer the agent will draw up a sale and purchase agreement and ask them to sign it. Before doing so they must give both the buyer and you, the seller, a copy of the Sale and Purchase Agreement Guide (.pdf 551KB) and ask for confirmation in writing that these have been received.

This guide is also available in a number of languages from the Forms and Publications section.

The agent will then present the offer to you

You can then consider the offer, taking into account the amount offered and any conditions attached. It is entirely your decision whether to accept the offer or not and the property will remain available for sale to others during this process.

Read more about what’s in a sale and purchase agreement.

It’s common for a conditional offer to be made

This means the offer is subject to a number of conditions that must be met before the agreement goes unconditional and the sale takes place.

Common examples include making the offer subject to:

If the price or conditions are not acceptable to you

You can negotiate with the prospective buyer, through the agent, with the aim of reaching a mutual agreement. The sale and purchase agreement may be amended a number of times during this process. The agent will ask you and the buyer to initial any amendments to show you agree with them. Read any changes and make sure they are acceptable to you before initialling them.

Once you have reached agreement with the buyer on acceptable price and conditions

Then both you and the buyer will be asked to sign the final version of the sale and purchase agreement. This is a legally binding document and it is important to have it checked by your lawyer before you sign.

You cannot change your mind once you have signed a sale and purchase agreement

Once you and the buyer have signed the agreement there is a contract between you and the buyer. The process of working through any conditions towards settlement will begin and, once conditions are satisfied, the sale will go ahead.