Offer to Exchange
secure your purchase., move with confidence., step-by-step.

You must have prepared and signed the vendor statement before any purchasers sign the contract.

Step 1 - Provide purchasers with a complete and signed vendor statement 

Step 2 - The Purchaser signs vendor statement (accepting receipt of any matters you have disclosed). 

Step 3 - Purchaser signs and dates the contract

The purchaser signs and dates the contract of sale, confirming their offer. If a cooling-off period applies, it begins from the date the purchaser signs. The purchaser may also choose to shorten the time frame for your acceptance if they wish to proceed quickly.

IMPORTANT:
Purchasers may withdraw their offer until contracts are exchanged.

 You are not required to provide the Purchaser with an opportunity to improve their offer.

Step 4 - Review the Offer before signing the contract  

The selling agent will provide you with the purchaser’s signed contract and offer details. Review the proposed terms carefully, including price, deposit, settlement period, and any special conditions.

IMPORTANT:
All terms and conditions must be added before you sign, if they are missing and you sign, there won’t be an opportunity to re-negotiate with the purchaser. 

Step 5 - Vendor signs to accept the offer

When you are satisfied with the terms, you must sign and date the contract to accept the offer.

Step 6 - Signed contracts must be exchanged 

Once signed, the contract must be exchanged by providing signed copies to all parties.

In Victoria, the real estate agent usually assists with the exchange process, ensuring both parties receive signed copies of the contract.

If using e-signatures, it may be possible to automatically exchange when the last signature is recorded.

Once signed and exchanged with all parties, the contract is officially binding. At this point, both parties are committed to the terms of the sale.

Purchasers may withdraw their offer (without penalty) until contracts are exchanged even if you have ‘accepted their offer’.

Important to Remember

Purchasers may withdraw their offer until contracts are exchanged.

The cooling-off period (if applicable) begins once the purchaser signs.

The agreement is only binding after both parties have signed and exchanged contracts.

Make sure all agreed terms and conditions are included before you sign.

Final Tip

Formalising an offer doesn’t need to be stressful, it just needs to be done correctly. Make sure every detail is reviewed before you sign, and seek legal advice if you’re unsure about any terms or conditions.