Offers, contracts and settlement in NSW: a seller’s guide

Compare offers on the same sheet

An offer is more than a number. Ask your agent to put the price, deposit, conditions, inclusions, expiry or response timing and proposed settlement date together. Compare each against your needs, and note which terms are uncertain or still being negotiated.

A higher price may involve conditions or timing that do not suit you. Conversely, a shorter settlement is not automatically better if you need time to move. Ask your solicitor or licensed conveyancer what each condition means and what would happen if it is not met. Do not treat a verbal offer or acceptance as a substitute for advice about when a binding agreement exists.

• Is finance or an inspection condition proposed, and how is it worded?
• What deposit is proposed and how will it be handled?
• Which fixtures, fittings or other inclusions need clarification?
• Does the settlement date work with lender discharge and moving arrangements?
• What is still to be agreed before exchange?

Review the contract before exchange

Your solicitor or licensed conveyancer should have prepared the contract before advertising. As an offer develops, ask them to explain any amendments, disclosures, conditions, ownership or tenancy issues and the final agreed terms. Confirm who communicates instructions and what needs your approval.

Exchange is a legal milestone separate from settlement. Ask when you become committed and what steps remain afterward. Keep the final documents and a list of deadlines. If you are uncertain, pause for advice rather than assuming the agent’s campaign timetable determines your legal position.

Buyer cooling-off: the NSW distinction

For established NSW homes sold privately, buyers generally have five business days of cooling-off after exchange, subject to waiver or variation. Sellers do not have an equivalent cooling-off period. Ask your adviser about the exact contract and any waiver or variation instead of calculating rights from a brief online summary.

There is no buyer cooling-off at auction or where exchange occurs the same day after the property passes in. Off-the-plan rules are different and are not covered by this established-home summary. Cooling-off under an agency agreement is another separate issue: do not confuse your agreement with the agent and the buyer’s purchase contract.

If someone proposes waiving or varying a right, your adviser should explain what the document does and the consequences for your transaction. This guide does not set out penalties or provide instructions for exercising or waiving legal rights.

Between exchange and settlement

Ask your adviser for the agreed milestones and who is responsible for each. Confirm lender discharge arrangements, settlement adjustments, outstanding conditions and any paperwork you must sign. Continue meeting your obligations under the contract; ask before making changes to the property or access arrangements.

Plan removalists, utilities, insurance questions and accommodation using the actual settlement timetable, with a backup if timing changes. Ask how the buyer’s final inspection is arranged and what condition and inclusions must be maintained. Discuss any tenancy or possession arrangement explicitly.

• Who confirms that conditions and documents are complete?
• What lender payout and discharge steps remain?
• How are rates, other adjustments and proceeds explained?
• What is the plan if settlement is delayed?
• Who authorises release of keys after completion?

Settlement and handover

Settlement is when the transaction completes and ownership and funds are dealt with through the agreed process. Your adviser and lender coordinate relevant steps. Do not assume settlement has completed merely because the scheduled day or time has arrived.

Follow your adviser’s confirmation and the authorised key-release arrangements. Retain the final statement and ask about deductions or adjustments you do not understand. A planning budget is not the final settlement statement or tax calculation.

The free Seller Pack can help you keep your questions and practical tasks organised. For your rights, tax position, finance or a dispute, use appropriately qualified local advisers. No guide can account for every contract or property situation.

• Check selling costs and planning-proceeds exclusions
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