Accept an Offer
All offers from potential purchasers must be made in writing so that the sales representative can present the offer to a vendor for consideration. It is the responsibility of the sales representative to present all offers to a vendor within 48 hours of receipt of that offer, or as otherwise agreed with a vendor.
Written offers can only be in the form of a 'Notice of Offer to Purchase Residential Land' and contain certain information prescribed under legislation or, in the form of a written 'Contract for the Sale and Purchase of Land'.
When a vendor has made the decision to accept an offer, the vendor should acknowledge this, in writing, on the successful offer form or contract of sale and request that the sales representative notify the successful party. If an offer document was used, a contract of sale must now be prepared.
Both the purchaser and vendor must sign a contract of sale before an offer becomes legally binding. An offer may be withdrawn, by either party, at any time before signing of the contract of sale. Purchasers also have the right to a 2 day cooling off period under section 5 of the Land and Business (Sale and Conveyancing) Act 1994.
To assist consumers with real estate queries, REISA operates a free information service – REISA Query Connect on free call 1800 804 365, between the hours of 9.00am to 4.00pm each weekday. This service is staffed by knowledgeable real estate professionals with many years of practical experience.