An offer checklist is a step-by-step guide that ensures you have every detail in order before you submit an offer on a property, reducing costly mistakes and giving you a real negotiating edge. Whether you are a first-time buyer or a seasoned investor, the list below (and the free downloadable version) will help you move with confidence when the right property comes along.

Making an offer is one of the most high-stakes moments in any property transaction. Miss a step and you risk overpaying, losing your deposit, or having a contract fall through at the worst possible time. Use this checklist every single time and you will never walk into a negotiation under-prepared.

What Should You Do Before Making an Offer on a Property?

Preparation is everything. According to CoreLogic data from 2024, Australian property values rose 8.1% nationally over the year, meaning competition for well-priced homes remains intense. Buyers who arrive at a negotiation without doing their homework are at a significant disadvantage.

Work through the following preparation steps before you even think about writing a number on a contract:

• Confirm your borrowing capacity. Speak with your lender or mortgage broker and obtain a pre-approval letter. Most agents in Melbourne will expect evidence of finance readiness before taking an offer seriously.
• Research comparable sales. Look at what similar properties in the same suburb have sold for in the last 90 days. CoreLogic, Domain, and REA Group all provide recent sold data you can access for free.
• Understand the vendor’s situation. Are they in a hurry to settle? Have they already purchased elsewhere? A longer or shorter settlement can sometimes be worth thousands of dollars to a motivated vendor.
• Review the Section 32 (Vendor’s Statement). In Victoria, sellers must provide a Section 32 before any contract is signed. Read it carefully, and have your solicitor review it too. Look for encumbrances, easements, outstanding rates, and any planned overlays affecting the property.
• Order a building and pest inspection. According to the Australian Bureau of Statistics (ABS), dwellings in Australia have a median age of over 30 years, making structural and pest issues a genuine risk. Never skip this step.
• Check the zoning and planning overlays. Visit your local council’s planning portal to confirm zoning, flood overlays, heritage overlays, and any other restrictions that could affect how you use the property.

For a deeper breakdown of how to think about the number you put forward, read our guide on how to make an offer on a property, which walks through the four key factors every buyer should weigh.

What Should Your Written Offer Include?

A verbal offer is rarely binding and is easy for an agent to dismiss. In Victoria, offers are typically made by signing a Contract of Sale and submitting it with the required deposit. Your written offer needs to be precise, complete, and professionally presented.

Use this checklist for your written offer document:

1. Purchase price. State your offer price clearly. Round numbers can signal a lack of research. SQM Research data shows that properties in inner Melbourne typically achieve between 96% and 102% of their listed price, depending on market conditions and days on market.
2. Deposit amount. The standard deposit in Victoria is 10% of the purchase price, though this can sometimes be negotiated. Have your deposit ready to transfer within 24 hours of acceptance.
3. Settlement period. The most common settlement period in Victoria is 60 days, but 30, 45, or 90-day settlements are all negotiable. Align your settlement date with your lender’s requirements.
4. Special conditions. Finance conditions, building and pest inspection conditions, and any other subject-to clauses must be worded correctly. Have your solicitor or conveyancer draft these.
5. Inclusions and exclusions. List every item you expect to remain with the property: dishwasher, light fittings, blinds, garden shed. If it is not in the contract, the vendor can legally remove it.
6. Expiry time on the offer. Give the vendor a reasonable deadline (typically 24 to 48 hours) to respond. Open-ended offers can be used against you if the agent is shopping your price to other parties.

Not sure whether the number you have landed on is the right one? Our detailed resource covering what offer to make on a property breaks down how to assess market conditions, vendor motivation, and your own risk tolerance to arrive at a figure you feel confident about.

How Do You Negotiate After Submitting Your Offer?

Submitting the offer is just the beginning. Negotiation is where deals are won or lost, and understanding the process puts you in a far stronger position.

Respond Promptly but Not Desperately

If a vendor comes back with a counter-offer, take a breath before you respond. According to RBA data, Australian mortgage holders are under genuine financial pressure in the current rate environment, and vendors often need a deal to complete just as much as you do. Do not show your hand by accepting the first counter without at least one further discussion.

Use Non-Price Levers

Price is not the only currency in a negotiation. Settlement dates, deposit size, reduced conditions, and even the offer of a longer rent-back arrangement for the vendor can all make your offer more attractive without increasing the dollar amount.

Know Your Walk-Away Number

Before you enter any negotiation, set a maximum price in your head and commit to it. Auction fever and negotiation pressure cause buyers to overpay every week in Melbourne. CoreLogic’s Pain and Gain report (2024) found that properties resold within two years of purchase were more likely to generate a loss, reinforcing the importance of disciplined buying.

Get Everything in Writing

Verbal agreements made during negotiation are not binding. Any change to the contract, including a price amendment, must be initialled by both parties on the written document before it has any legal standing.

What Are the Most Common Mistakes Buyers Make When Submitting an Offer?

Even experienced buyers can trip up at the offer stage. Here are the mistakes our agents at Collings Real Estate see most frequently, and how to avoid them.

• Skipping the Section 32 review. This is the most common and most expensive mistake. Always have a solicitor review the Section 32 before signing anything.
• Not having finance pre-approved. In a competitive market, a pre-approval can be the difference between a successful offer and being gazumped while you wait for your bank to respond.
• Making an offer too far below market value. Lowball offers can offend vendors and damage your chances of a successful negotiation. Use data, not guesswork, to calibrate your opening position.
• Forgetting about due diligence on the strata or owners corporation. If you are buying an apartment or townhouse, request the owners corporation minutes and financials. Consumer Affairs Victoria recommends reviewing at least two years of meeting minutes to identify any disputes, major upcoming works, or financial shortfalls in the sinking fund.
• Missing the cooling-off period. In Victoria, buyers have a 3-business-day cooling-off period after signing a Contract of Sale (with some exceptions). If you withdraw during this period, a penalty of 0.2% of the purchase price applies. Know your rights before you sign.
• Neglecting stamp duty and other costs. The Victorian State Revenue Office provides a stamp duty calculator. First home buyers may qualify for concessions or exemptions. Factor all purchase costs into your budget before making an offer.

If you are investing rather than buying to occupy, the due diligence checklist changes considerably. Our SMSF property investment checklist covers the additional compliance and financial considerations that apply when purchasing inside a self-managed super fund structure.

How Do You Download the Free Offer Checklist?

We have compiled every item from this guide into a clean, printable one-page checklist you can use for every property offer you make. The free download includes:

• Pre-offer research tasks (with tick boxes)
• Written offer components (with tick boxes)
• Negotiation reminders
• Post-acceptance steps (finance, inspections, conveyancing)
• Key Victorian dates and deadlines to track

To download your free offer checklist, simply fill in your name and email address in the form on this page. We will send it straight to your inbox as a printable PDF. No spam, no obligation.

What Happens After Your Offer Is Accepted?

Acceptance of your offer is the start of the conveyancing process, not the finish line. Here is what you need to action immediately after a vendor signs the contract:

1. Notify your lender or broker. Your formal loan application must begin immediately. Most lenders require 14 to 21 days to issue formal approval after a contract is signed.
2. Engage your conveyancer or solicitor. They will manage title searches, transfer of land documents, and liaison with the vendor’s legal representative through to settlement.
3. Book your building and pest inspection (if not already completed as a pre-offer step).
4. Arrange building insurance. In Victoria, insurable risk passes to the buyer at the time of signing. You should have building insurance in place from day one of the contract.
5. Book a pre-settlement inspection. You are entitled to inspect the property in the 7 days before settlement to confirm it is in the same condition as when you signed. Do not skip this step.
6. Prepare funds for settlement. Your conveyancer will provide a settlement statement outlining exactly how much you need on the day, including the balance of the purchase price, adjustments for council rates and water, and any other costs.

The offer and acceptance stage moves quickly. Having a checklist ensures nothing slips through the cracks between the excitement of getting an accepted offer and the practical demands of getting to settlement.

Why Use an Experienced Agent When Making an Offer?

A skilled buyer’s agent or local real estate professional can help you interpret market data, structure your offer strategically, and navigate negotiation without emotion getting in the way. According to REIV data for 2024, Melbourne’s auction clearance rate hovered around 65 to 70% through much of the year, meaning a significant proportion of properties sold through private negotiation. In those situations, knowing how to structure and present an offer is a genuine competitive advantage.

At Collings Real Estate, our team works across Melbourne’s northern and inner suburbs every day. We see what works and what does not when buyers come to the table. If you want expert guidance tailored to your situation, reach out to us directly.

Ready to take the next step? Download your free offer checklist above, and when you are ready to think seriously about what number to put forward, our guide on what offer to make on a property will give you a clear, data-driven framework for getting it right.

Conclusion

A well-prepared offer checklist is one of the simplest and most effective tools a property buyer can use. It keeps you organised, protects you from costly oversights, and signals to the vendor and their agent that you are a serious, capable buyer. Download the free checklist above, work through each step methodically, and give yourself the best possible chance of securing the property you want at a price that works for you.