Here’s What To Do After Your Offer Has Been Accepted

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.

At a glance

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.

1Give your details to the agent

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.

2Get in touch with us

While you wait for the updated contract

3Pay 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.

4Sign and exchange

This is the big one

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 after exchange. On $500,000 that is $1,250, so be sure before you sign.

5Cooling-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.

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