Download your FREE Own Your First Home Checklists here

"Buying Process" will guide you through the final stages of exchanging contract, settlement and final inspection.
Was this helpful?
  • Currently 2.9/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
   Rating 2.9/5
Share thisShare Send to Facebook Tweet this Digg this

After your offer is accepted



The vendor has accepted your offer to purchase the home – but don’t go cracking open the champagne just yet.

Neither you nor the vendor is legally bound to proceed with the purchase until a written contract has been exchanged.

This is a worrying time for both parties. Until contracts are exchanged you’re in the danger period when either party can pull out.

Another risk is that you could be gazumped.

What is gazumping?


Gazumping sounds painful, and it is. It occurs when the owner of the property for sale accepts a higher bid, even though he or she had already accepted your offer. This is not only heartbreaking but can also be expensive if you’ve already forked out money for building and pest inspections, and solicitor’s fees.

Unfortunately, there is nothing you can do to prevent this from happening. Even if you’ve paid a holding deposit to the real estate agent it does not protect you from being gazumped.

To avoid becoming a victim, it’s best to move quickly to exchange contracts.
  
7 step email support program

Sign up now for monthly info, tips and tools to support you throughout the process of buying your first home.

To find out about

The Contract

, visit the next page.

Go to the next step:

Moving in.