The offer and acceptance process when buying a property

Have you finally found the perfect pad but now have no idea how to take the next step?

Don’t worry, like many buyers out there, you’re not alone!

In New South Wales, there are two methods to purchase a property prior to auction.

The first is to put forward an offer in writing, once accepted you may get a certificate from your solicitor waving the 5 day cooling off period and pay the deposit (usually 10%). This will lock you into the sale.

The second option is to pay a 0.25% deposit on the property to reserve the sale in your favour for 5 business days. Only the buyer has the opportunity to pull out of the sale, though after the 5 business days the buyer will need to put down the remainder of the deposit (usually 9.75%).

If the sale occurs at auction (or on the day of auction) you will not need to prepare the certificate with your solicitor for the 5 day cooling off as that is not an option & if you buy the property under the hammer that sale is final.