Buying by negotiation

In this sale method, there is no end date for offers, and potential purchasers make offers based on what they think the property is worth in the current market.

Summary of important things to know
  • A seller may choose to sell by negotiation when it’s difficult to estimate the market price of a property.

  • If a property is being sold by negotiation, the seller sets an asking price or price range and buyers can choose to offer more or less than that price and negotiate the sale. There is no end date for offers.

  • Buyers can attach conditions to their offer, for example, an expiry date for the offer, making the offer subject to a property inspection report, a valuation or approved finance, or on condition of selling another property.

  • Sellers can attach terms and conditions to the sale, for example, the settlement date and which chattels will be included.

  • If a buyer can’t meet the conditions or needs more time, they need to talk to their lawyer or conveyancer and the real estate agent as soon as possible.

  • If there is more than one offer, the sale may become a multi-offer process.

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