What happens after making an offer?

Highlands Property | October 2026

Making an offer is an exciting step towards buying a home. The seller may accept it, decline it or ask to negotiate. For a private sale in NSW, an accepted offer does not usually make the purchase legally binding. That happens when signed contracts are exchanged. Here is what to expect along the way.

What does the agent do with my offer

The agent passes your offer to the seller, subject to any written instructions the seller has given about which offers to receive. The seller considers the price and proposed terms, such as the settlement date.

Put your offer in writing and include any conditions you want considered. Keep in mind that requesting a condition does not make it part of the contract. Your solicitor or licensed conveyancer should confirm any agreed terms are included.

How long will I wait for a response

There is no single response time that suits every sale. The seller may need time to consider your offer or discuss it with others involved in the decision. Ask the agent when you can expect an update and make sure they have your best contact details.

If the seller makes a counteroffer, you can accept it, negotiate or decline. Stay within a budget that works for you.

Is the property mine once my offer is accepted

Not yet. In a NSW private sale, either party can usually change their mind before contracts are exchanged. The seller may also accept another buyer’s offer during this time.

Ask your solicitor or conveyancer to review the contract promptly. They can explain what you need to check and help you work towards exchange without overlooking important details.

What should I check before exchanging contracts

Have your solicitor or conveyancer explain the contract, any proposed changes and the costs involved. Speak with your lender or broker about finance approval and any conditions still to be met. Loan preapproval is not the same as final approval for a particular property.

Arrange relevant checks, such as a building and pest inspection and, for a strata property, a strata records review. Ask your legal adviser when these checks should be completed, particularly if you are considering exchanging without a cooling off period.

What happens at exchange

You and the seller sign matching copies of the contract, which are then formally exchanged. This is the point when the sale becomes legally binding, subject to any cooling off rights and contract terms.

A deposit is usually paid at exchange. Confirm the amount and timing with your solicitor or conveyancer. A payment made before exchange does not, by itself, secure the property.

Will I have a cooling off period

For most NSW residential private sales, buyers have five business days to withdraw after exchange. Off the plan purchases generally have ten business days. The period may be changed by agreement or waived with a certificate from your legal adviser.

There is no cooling off period for a property bought at auction, or when contracts are exchanged on the same day after it is passed in. Ask your solicitor or conveyancer which rules apply to your purchase. Withdrawing during the standard cooling off period generally means losing 0.25% of the purchase price.

What happens before I receive the keys

Your solicitor or conveyancer and lender prepare for settlement, when the remaining money is paid and ownership transfers. Arrange a final inspection close to settlement to check the property against the contract, including agreed inclusions. Raise any concerns with your legal adviser promptly. Keys are usually released once settlement is confirmed.

How can Highlands Property help

At Highlands Property, we can explain the offer process, keep you updated on the seller’s response and coordinate access for inspections. Your solicitor or conveyancer handles legal advice, while your lender or broker guides your finance. Together, these steps help you move towards your next home with a clearer understanding of what comes next.