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

Once you’ve received a signed offer, it’s time to review, finalise, and exchange correctly to avoid delays or disputes later.
This guide explains how to formalise your offer, what each party needs to do, and when the contract becomes binding.

Step 1 - Receive and Review the Offer

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. If any terms or details are missing or need adjustment, these must be clarified before you co-sign the contract. Once you sign, there’s no opportunity to re-negotiate.

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

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. You’ll then sign to acknowledge receipt of this document before proceeding to the contract stage.

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

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.
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.