Return to site

Accepting an Offer

Real Estate Planning with Anna Manning

· Sellers Tips

Every offer is a sure sign of interest and a great starting point in negotiations

When a purchaser is ready to put in an offer on your property Anna will present it to you for consideration immediately after it is drawn up.

The initial offer to purchase should have details of any conditions to be put upon the sale, which may include a specific time within which to organise finance, a settlement date, a satisfactory building inspection report and anything else that may be necessary to complete the sale.

Advice on a contract of sale may be obtained from Anna or from your legal practitioner.

Assuming the contract is approved and any conditions are satisfied, the next stage is ‘Settlement’.

If the offer is unconditional, once you have accepted the contract, this becomes binding and the buyer is expected to provide a deposit.

A deposit is usually paid by the purchaser upon signing of a legal contract, however this may vary depending on the conditions of the offer. The amount of deposit and when it is paid may be part of the Buyers offer to purchase. If a contract is unconditional and the purchaser does not proceed to settlement the purchaser will most likely be made to forfeit their deposit under the terms of the contract.

If you have a conditional offer, satisfying the conditions of the agreement will be subject to a time frame. Once the time specified has expired the conditional agreement should be confirmed as unconditional, or where the conditions cannot be met, any deposit will be returned to the Buyer.

If you should have an alternative offer during the conditional period you will need to discuss and consider very carefully (with your agent and legal advisor) the details of any options before you accept a back up offer and give the required notice.

Crucial dates

  • Date of the offer and acceptance. A deposit is usually arranged on acceptance. Your legal advisor can advise what deposit should be acquired.
  • The dates when all conditions of the offer are met. This is when the contract becomes ‘Unconditional’.
  • The settlement and possession day, which sets down the date by which the property transfers to the buyer and all monies owing are transferred to you.