Making an Offer on a NSW Property — What Actually Locks the Deal In?

An accepted offer is not the final legal step

NSW Government guidance says the buying process becomes legally binding when signed contracts are exchanged. Before exchange, the vendor can generally change their mind.

The highest offer does not always win

A vendor is not generally compelled to sell to the person who makes the highest offer. They may prefer a lower offer with clearer timing, finance position or other terms.

That is why a strong offer is not only a price. It should be clear, credible and supported by the buyer's ability to proceed.

Cooling-off and 0.25%

For most private-treaty residential purchases, the buyer has a 5-business-day cooling-off period after exchange. If the buyer rescinds during that period, they generally forfeit 0.25% of the purchase price.

Auction purchases and same-day post-auction exchanges do not have a cooling-off period.

Prepare before you negotiate

Have your budget/finance position clear, get the contract reviewed, understand any conditions you need, and decide your maximum based on evidence rather than emotion.

Australia Buyer Roadmap: https://www.eltnetwork.com/post/buy-property-australia-2026-buyer-roadmap

Message OFFER with the property link + your budget if you want help organising your questions before you negotiate.

Thao Pham | Sydney | 0452 526 888 | info@eltnetwork.com | Class 1 Licensed Real Estate Agent — Licence No. 20375265

General information only; contract terms and legal rights should be reviewed by your solicitor/conveyancer.

Source

NSW Government — Making an offer on a property; Contracts and deposits.