Learn more about the multi-offer process here. Learn more about selling by negotiation or deadline sale here. If you want to make a counter offer, ask your agent to negotiate the price or conditions with the buyer. You need to consider each offer to decide whether you want to accept the offer, make a counter offer or reject the offer. Your agent is likely to tell any other interested buyers that someone has made an offer, and if more than one person makes an offer, the agent will run a multi-offer process. You can still contact your agent during this time, but your lawyer or conveyancer will need to be involved with questions about the agreement.īuyers will make a signed written offer via your agent on the sale and purchase agreement. When an agreement goes unconditional, most of the communication happens between you and your lawyer or conveyancer and the buyer’s lawyer or conveyancer. If you have signed a conditional agreement, you are likely to continue to deal with your agent as they may need to provide access to the property to help the buyer fulfil their conditions. You and the buyer are in a legally binding contract when you’ve agreed on price and conditions and have both signed the sale and purchase agreement. Agreeing with the buyer about price and conditions You can continue to market your property and hold open homes while you are negotiating with buyers. Your lawyer or conveyancer can advise you during this process and should check the agreement before you sign it. Read any changes, and make sure you understand and agree with them before initialling. The agent will ask you and the buyer to initial any changes to show you both agree with them. You can negotiate with any buyer to change the price and conditions written on the sale and purchase agreement. You can accept any or none of the offers, and you can negotiate, through your agent, with anyone who submits an offer. You don’t need to accept the highest offer. In a multi-offer process, all potential buyers should submit their best offer. If any other buyers want to make a written offer, you will enter into a multi-offer process. Your agent may ask other interested parties if they would like to submit an offer. Sometimes they may hold on to the first offer they receive while they check with other buyers. When you receive an offer, negotiation continues until you and the buyer agree on the price and conditions, you reject the buyer’s offer or the buyer withdraws their offer. Learn more about the sale and purchase agreement here. The agent should give you the opportunity to check any conditions you would like to add with your lawyer or conveyancer. For example, you may want a settlement date that coincides with the settlement date for a home you’ve bought, or you may want to keep a particular chattel. For example, before buying, the buyer may need to sell their property, gather evidence about the quality of your property (for example, a building inspection report) or secure finance so they can buy your property. This means the offer is subject to one or more conditions. It’s common for a buyer to make a conditional offer. With the exception of auctions, you and the buyer will negotiate on the price and conditions of the sale and purchase agreement. The agent will make the changes to the sale and purchase agreement and present it back to the buyer. Start negotiations by making a counter offer.You do not have to tell the buyer why their offer was rejected, but it can be helpful for them to know. The buyer may come back with a further offer. We recommend you get legal advice before signing a sale and purchase agreement because it is a legally binding contract. You will sign a sale and purchase agreement. These are your options when you receive an offer from a buyer: The offer process will depend on the method of sale you have chosen.
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