Negotiation and Settlement Explained

From an offer to settlement

Receiving an offer is an important stage in selling your home, but the price is only one part of the decision. Your Ray White Silverdale salesperson can communicate offers and discuss the campaign with you. Your lawyer or conveyancer advises on the agreement, obligations and legal steps.

Consider the whole offer

Read the proposed price, deposit, conditions, settlement date, chattels and any special terms together. Ask what needs to happen, who is responsible and when each deadline falls. Have your lawyer or conveyancer check the agreement before you sign; a signed sale and purchase agreement is legally binding.

You can accept, reject or negotiate an offer. If you propose different terms, read the revised agreement carefully and take advice before agreeing. Do not assume a buyer will accept a counteroffer or that a previous offer remains available.

If more than one buyer is making an offer, ask your salesperson to explain the process and how offers will be presented. Compare the terms and your priorities as well as the prices. The choice of which offer to accept remains yours.

Conditions and the deposit

A conditional agreement sets out matters that must be addressed within agreed timeframes. Keep your lawyer informed about progress or concerns and obtain advice on the notices and confirmation required. Do not treat an informal update as legal confirmation that the agreement is unconditional.

The deposit amount, payment timing, holding arrangements and release depend on the agreement, sale method and applicable rules. Ask your lawyer and salesperson to explain the arrangements for your transaction rather than assuming the deposit is always paid only after conditions are met.

Prepare for settlement and handover

Your lawyer or conveyancer handles the legal settlement work. Agree practical arrangements for moving out, access, any pre-settlement inspection and the chattels or work specified in the agreement. Raise issues promptly through your lawyer and salesperson so they can be addressed through the correct process.

Confirm when settlement has completed and who will authorise releasing the keys. Do not rely on the expected settlement date alone. Keep the arrangements clear if your next purchase or move depends on this sale.

Get the right advice at each stage

Read Settled’s guidance on offers and counteroffers and completing the sale. For a discussion about preparing and marketing your home, request a property appraisal or contact Ray White Silverdale.