What to Do After Your Offer Is Accepted in NSW

Buying

What to Do After Your Offer Is Accepted in NSW

Offer accepted in NSW? Five steps from accepted offer to exchange, ending with the 5 business day cooling-off period.

 

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. Tick each item off as you go.

Key Takeaways

Does an accepted offer take the property off the market? No. Only exchange of contracts does that.

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 head to settlement.

1What details does the agent need?

Do this right after your offer is accepted

The agent needs your details to prepare the Sales Advice, the document that kicks off the whole process.

Worth knowingAn accepted offer does not take the property off the market, and neither does paying a deposit. Only an exchanged, signed contract does that, so keep moving quickly.

2When should you contact us?

While you wait for the updated contract

3When do you pay the deposit?

The sooner, the better

You will not lose any of it until contracts are exchanged, and paying early gets you to exchange faster.

0.25%is the minimum deposit to exchange. That is $1,250 on a $500,000 purchase.
Scam warningDo not trust logos or email signatures alone. Scammers can copy them. Always confirm the bank details verbally before you transfer.

4How do you sign and exchange?

Contracts are exchanged

Exchange of contracts is when the property officially comes off the market. Once you exchange, no one else can make an offer.

0.25%is the penalty if you withdraw for any reason during the cooling-off period. On $500,000 that is $1,250, so be sure before you sign.

5What happens during the cooling-off period?

Your last chance to change your mind

ImportantWithdrawing during cooling-off is called rescinding the contract. If you rescind for any reason, you forfeit 0.25% of the purchase price. On a $600,000 property, that is $1,500. After cooling-off ends, you are fully committed and heading to settlement.
When there is no cooling-offThere is no cooling-off period if you buy at auction, or if your conveyancer gives the vendor a section 66W certificate to waive it. Make sure you know which applies before you sign.

Ready to get started?

Call us once your offer is accepted and we will send your Buyer Instructions Form.

Call 02 4018 7555Get an instant quote

Need help?

Buying and selling property can be complex and stressful, but we help make it a little easier.

From contract review through to settlement, you’ll have complete confidence in our capable and trusted legal team. Every step of your transaction is tracked online so that you can see your matter’s progress anywhere, anytime.

We help customers in Newcastle, Maitland, Central Coast and across NSW.

Call us on 02 4018 7555 or get a quote online.