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

Step 1 - Seller signs the Vendor Statement 

The Vendor Statement (Section 32) must be signed by the vendor first. This document provides key details about the property, including ownership, title information, and any restrictions. 

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Step 2 - The Purchaser signs vendor statement (accepting receipt)

You’ll then sign to acknowledge receipt of the section 32 disclosure before signing the contract.

 

Add or check the offer terms before signing the contract

The agent might:

• ask for your offer terms and add them to the contract for you to check, OR
• provide you with a blank PDF and ask you to insert all your terms yourself.

What will be added to the contract?

• Purchaser/s full legal names
• Purchaser/s address
• Purchasers’ representative details.

If using Prepared our details are: Prepared Legal Services:
1300 018 099
information@prepared.com.au
Level 4, 459 Church Street, Richmond VIC 3121

• Purchase price
• Deposit amount and due date
• Settlement date
• Any purchaser conditions: such as subject to loan approval or building/pest inspections or changes to the seller-drafted contract.

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

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Step 3 - Purchaser signs and dates the contract 

If a cooling-off period applies, it begins from the date the purchaser signs. Purchasers can choose to shorten the time frame for the vendor to accept their offer if they wish to limit the vendors time to formalise the deal.

IMPORTANT:
You may withdraw an offer until contracts are exchanged.
Vendors may consider multiple offers and use your signed offer to leverage other offers. The Vendor is not required to provide you with an opportunity to improve your offer. 

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Step 4 - Vendor Considers and Signs

The vendor may receive multiple offers at once, and are entitled to consider all options before committing. Some agents may use one offer to leverage others, a normal part of negotiation. When the vendor is satisfied with the terms, the vendor must sign and date the contract to accept the offer. The contract only becomes binding once all parties have signed and the contracts are exchanged.

NOTE:
The Vendor signs to accept your offer and exchanges the contract by providing signed copies to all parties. The real estate agent usually assists with exchange in Victoria. 

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Step 5 - Exchange and Binding Agreement

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

 

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Important to Remember

 

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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.