Team Lloyd

There is no legal framework for how an offer must be placed. Each agent and agency handles it differently, so it's best practice to ask the agent directly. Some will request it in writing via email or text, but that's not a legal requirement.

Once you've paid an initial deposit (0.25% of the sale price) and exchanged contracts, you enter a cooling-off period. During this time you, as the buyer, have the right to conduct your due diligence — such as building and pest reports and bank valuations. You can withdraw from the purchase at any point during this period, for any reason; but if you do, you forfeit your 0.25% deposit.

You should proactively contact a conveyancer when you're considering buying. Introduce yourself, explain that you're looking to purchase, and — importantly — ask whether they charge for a contract review. Some will charge to review a contract, some won't. If you end up not proceeding but have had several contracts reviewed along the way, that cost can build up.

The front page of the contract, around a third of the way down, will reference the completion days required. In NSW this is typically 28, 35 or 42 days, but the vendor can set a specific settlement date. It's also best practice to ask the agent — some contracts are prepared with standard terms, and the vendor may have different circumstances.

You don't have to accept the vendor's supplied building report — you're entitled to arrange your own inspection during the cooling-off period. It's strongly recommended you engage a licensed, qualified building and pest inspector rather than relying on the vendor's report or assessing it yourself. A professional carries the right training, tools and insurance, and will pick up structural issues, moisture and pests like termites that aren't visible to an untrained eye. You're welcome to attend and walk through with them, but the report from a qualified inspector is what gives you real protection before you commit.

Yes — the agent has a legal obligation to deliver all offers to the owner, regardless of how they're presented, whether in writing, by text or verbally. If you're ever unsure your offer has been put forward, it's fair to ask the agent to confirm it's been presented.

Yes — there is no legislation that states an agent cannot disclose other offers. An agent acts on behalf of the vendor, so disclosing that other offers exist, and their amounts, is a normal part of a competitive negotiation. What an agent cannot do is invent or misrepresent offers that don't exist. If you'd prefer your own offer be kept confidential, let the agent know — though they're still obligated to present it to the owner.

No, it isn't illegal. Until contracts are formally exchanged, either party can walk away, and a vendor is legally entitled to accept a higher offer from another buyer even after verbally agreeing to sell to you — that's gazumping. It's frustrating, but it's lawful in NSW. The only way to truly secure a property is to exchange contracts. The best protection is to be organised — have your finance, conveyancer and building and pest inspection ready to go — so you can move to exchange quickly and reduce the window in which you can be gazumped.

Introducing buyers to your home off market lets you gain valuable insight into both price and presentation — allowing you to adjust either before you formally launch your home to the market.

Yes. Getting a building report — and a strata report, if your property is strata-titled — does two things: it allows you and your agent to fully understand what you're selling, giving you time to fix any issues that may not be obvious to the naked eye or that sit within the strata records; and it allows your buyers to more readily commit to purchasing your home, or to negotiate with confidence.

No, you're never obliged to accept an offer at all. However, if you reject an offer that falls within your advertised price guide, your agent must review the advertised guide and, where it is no longer a reasonable reflection of what the property will sell for, revise it — that is how the underquoting rules work in practice. The guide is an indication of value, not a commitment to sell — but it must always reflect the offers you're genuinely willing to consider.

There are two main ways to research an agent. Their profile on realestate.com.au is accurate and draws data directly from their uploaded results — if you Google 'Agent Name REA' it will usually come up. RateMyAgent is another website you can use. Both carry reviews that go through a strict process to ensure the actual owner or buyer is the one filling them in, so you know the feedback is genuine.

Commission rates vary depending on the agent, and there's no fixed amount. Commission can be charged as a fixed fee, as a percentage of the sale (usually somewhere between 1.8% and 2.5% depending on the agent), or on a sliding scale — for example, 1.5% up to $800,000, 2.2% if achieved between $800,000 and $900,000, and 2.5% if achieved above $900,000. A word of caution: be wary of an agent who drops their commission the moment you ask. It can be an indication of their desperation for business, or a lack of negotiation skill — and if they fold that quickly on their own fee, consider how they'll perform negotiating on your price.

Marketing packages can range from around $2,000 to $20,000+. It's important to understand exactly what you're paying for — a lot of agencies simply run standard campaigns and don't actually know what's in them. Ask your agent why they recommend the campaign they do, what it includes, and what their strategy is around marketing before you commit.

NSW Fair Trading allows for a 10% guide range to be used, whether you're guiding a range or a fixed price. Which approach you take is agent-specific, and either can be used effectively — the key is to ensure there's a clear strategy behind what your agent is doing.

This is an interesting one. Most people assume spring is the best time to sell — but the issue is that everyone has the same idea, so the supply of property coming to market increases. Buyers don't necessarily buy in alignment with the seasons; they buy based on life circumstances — having a baby, downsizing, upsizing, a change in job, death or divorce. None of these are driven by the seasons; they're driven by circumstance. The supply of property to the market in winter is much lower, and often our best results are achieved when we have increased competition and decreased stock levels.