property conveyancing
Offer Accepted?
Here’s What Happens Next.
What happens after your offer is accepted in NSW? You give your details to the agent, pay the deposit, sign and exchange contracts, then get a 5 business day cooling-off period. Follow these steps and you’ll never miss out on another property again.
At a glance
- Does an accepted offer take the property off the market? No. Only exchange of contracts does that.
- What do you do first? Give your details to the agent so they can prepare the Sales Advice.
- What locks in the property? Paying the 0.25% deposit and signing the contract, then exchanging.
- What happens after exchange? A 5 business day cooling-off period, then you’re heading to settlement.
The real estate agent will need your information to prepare what’s called a Sales Advice, the document that kicks off the whole process.
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Your full name(s) as the buyer(s)
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Your phone number(s) and email address(es)
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Your conveyancer’s details, that’s us, RM Property Conveyancing
The Sales Advice is sent to both your conveyancer and the vendor’s conveyancer. The vendor’s conveyancer then updates the contract with your details and sends it across, and then the real work begins!
An accepted offer does not take the property off the market, and neither does paying a deposit. Only an exchanged, signed contract does that. Until then, keep moving quickly through these steps.
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Call your conveyancer (us!) and let us know you’ve had an offer accepted. We’ll send you a Buyer Instructions Form to fill in.
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Locate your ID documents. The government requires all buyers to be verified, and new anti-money laundering rules mean we also ask about your source of funds. You’ll need your birth certificate or passport, plus your driver’s licence.
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You don’t need to do anything with the documents yet. Simply find them and have them ready.
The sooner you get in touch with us, the faster we can move. While we wait for the updated contract, we can get your paperwork sorted so nothing slows you down when it arrives.
Pay the deposit as soon as possible. Don’t worry, you won’t lose any of it until contracts are exchanged. Paying early helps get you to exchange faster, which locks in the property.
Always call the real estate agent to confirm the trust account details before transferring any money. Do not trust logos or email signatures alone. Scammers can copy them. Always confirm verbally before you transfer.
Exchange of contracts is when the property officially comes off the market. Once you’ve exchanged, no one else can make an offer. This is why moving quickly matters so much.
Pay minimum 0.25% deposit to the agent’s trust account
Sign the contract with your conveyancer
Once both of these are done, your signed contract goes to the vendor’s conveyancer. The vendor then signs and exchange is authorised, and the property is yours to buy.
After exchange, you receive a 5 business day cooling-off period. This gives you a final chance to withdraw from the purchase if you absolutely need to, but it comes at a cost.
Withdrawing during the cooling-off period is called rescinding the contract. If you rescind for any reason, you will forfeit 0.25% of the purchase price. On a $600k property, that’s $1,500 gone.
After the cooling-off period ends, you are fully committed to the purchase. Your conveyancer will guide you through everything that comes next: searches, settlement, and getting you into your new home.
Give your details to the agent. They prepare a Sales Advice and send it to both conveyancers.
Call us, complete the Buyer Instructions Form, and locate your ID documents (passport/birth certificate + licence).
Pay as soon as possible to the agent’s trust account. Always confirm bank details by phone first, never by email alone.
Pay 0.25% deposit + sign the contract. The property comes off the market. No one else can buy it.
Your final window to withdraw (with 0.25% penalty). After this, you’re fully committed and heading to settlement.
Ready to get started?
We’re here to make this simple. Get in touch today for expert advice in plain English.
