An accepted offer is a handshake, not a purchase. The contract, conditions and exchange are the legal steps that make a property deal binding, and understanding them keeps buyers and sellers in control.
The offer and acceptance
Offers are usually made through the agent, in writing, and may be accepted, rejected or countered. Before your offer is accepted, ensure your conveyancer has reviewed the contract so you know what you are agreeing to.
Cooling-off and conditions
In most private sales, a cooling-off period of two to five business days applies, but auctions are unconditional. Conditions such as finance and building inspection have defined deadlines, and a buyer can withdraw if a condition is not satisfied.
Exchange makes it binding
Exchange happens when both parties sign and the buyer pays the deposit, at which point the contract becomes legally binding. From exchange, the settlement countdown begins and any withdrawal usually has financial consequences.