HOW TO MAKE AN OFFER - STATE BY STATE

Making an offer can be a little daunting, especially, if it’s your first time.

Here’s a guide to help you, broken down by state for you.

• NSW

• VIC

• ACT

• TAS

• SA

• QLD

• WA

Refer to the below template for making an offer, please make sure you have your solicitor/conveyancer review the Contract of Sale and complete your due diligence.

If changes are required, then make an offer subject to those things being ticked off however they'll

want a small deposit being 0.25% of the purchase price, as a holding deposit.

Unfortunately, this small deposit may be lost if we pull out or if we're unable to meet the cooling-off

period (typically 5 business days but this can be negotiated).

Additionally, you can waive the cooling-off period by giving the vendor a ‘66W certificate’. 66w

certificate is a certificate signed by a solicitor or conveyancer acting for the purchaser which has the

effect of waiving the purchaser's 5 business day cooling-off period. It's a strategy to strengthen your

offer without increasing the price.

See here from the NSW Fair trading site for more info:

https://www.fairtrading.nsw.gov.au/housing-and-property/buying-and-selling-property/selling-a-

property/the-sale-process

Contract exchanged:

Exchanging sale contracts is the legal part of selling a home. There will be two copies of the sale

contract: one for you and one for the buyer. You each sign one copy before they are swapped or

‘exchanged’. This can be done by hand or post and is usually arranged by your solicitor, conveyancer

or the agent. At the time of the exchange, the buyer will be required to pay a deposit, usually 0.25%

of the purchase price.

The contract exchange is a critical point in the sale process for several reasons:

The buyer or seller is not legally bound until signed copies of the contract are exchanged.

Buyers of residential property usually have a cooling off period of five working days following the

exchange of contracts during which they can withdraw from the sale.

If the agent arranges exchange of contacts, the agent must give copies of the signed contract to each

party or their solicitor or conveyancer within two business days.

The cooling off period can be waived, reduced, or extended by negotiation.

There is no cooling off period for sellers. Once contracts have been exchanged, sellers are generally

bound to complete the agreement.

There is no cooling off period when purchasing at auction.

Here is the template to make offer:

Hi team,

Re: Property address XXXXXX

Thank you for taking the time to consider the offer outlined in this email.

We would like to make an offer to purchase the property at xxx. We propose the following:

Price:

A non-refundable deposit of 0.25%, to enforce the 5-day (10-day) cooling-off period: $X to be

transferred to you via EFT or cheque by pm today.

This deposit will be paid to you, the agent's trust account on written acceptance of our offer.

Cooling off terms, which our offer is subject to:

- Formal approval being provided by our lender

- Satisfactory valuation

- Completion of our own due diligence within the 5 (10) days cooling-off - strata or pest and building

and conveyancers review of the contract of sale

- Settlement period of 6 weeks (typically 42 days after the day of exchange)

Purchasing names:

XXXXXX

Legal Representatives:

XXXXXX

This offer outlines proposed terms that may be acceptable if both parties decide to proceed with the

sale and we trust you find these terms reasonable.

We hope the above is attractive to your client and we look forward to hearing from you.

Please provide details of the trust account for our deposit to be paid into.

Purchases

Refinances