Getting your offer accepted is an exciting milestone, but the period between acceptance and settlement is where many buyers make costly mistakes. This guide covers every step you need to take after your offer is accepted in Australia, so you can move from accepted offer to settled property without expensive surprises.

Step 1 — Understand the Cooling Off Period

In Victoria, buyers have a 3-business-day cooling off period after signing a Contract of Sale for a private sale (not auction). During this period you can withdraw from the contract, but you forfeit 0.2% of the purchase price. In NSW the cooling off period is 5 business days. There is no cooling off period for auction purchases in any state.

Step 2 — Organise Your Finance Formally

If your offer was subject to finance, you typically have 14 to 21 days to obtain formal finance approval from your lender. Do not wait — contact your broker or bank immediately after your offer is accepted. Delays can result in your finance condition expiring and the contract collapsing.

Step 3 — Order a Building and Pest Inspection

If your contract includes a building inspection condition, book an inspection within the first few days of acceptance. A qualified building inspector will identify structural defects, pest activity, moisture issues and other problems that may affect the value of the property or give you grounds to renegotiate the price.

Step 4 — Engage a Conveyancer or Solicitor

Your conveyancer handles the legal transfer of the property from the vendor to you. They will review the Contract of Sale, check the vendor’s Section 32 (VIC) or vendor disclosure documents, conduct title searches, liaise with the vendor’s solicitor and prepare for settlement. Engage your conveyancer as early as possible after acceptance.

Step 5 — Review the Section 32 or Vendor Disclosure

In Victoria, the vendor must provide a Section 32 statement before you sign the contract. This document contains critical information including title details, zoning, planning overlays, outgoings, owners corporation information and any encumbrances on the property. Your conveyancer will review this, but make sure you read it yourself as well.

Step 6 — Arrange Building Insurance

In most Australian states, the risk of damage to the property transfers to the buyer on the date of contract signing (not settlement). Arrange building insurance from the day your offer is accepted to protect yourself in the unlikely event of fire, flood or other damage before settlement.

Step 7 — Prepare for Settlement

Settlement typically occurs 30 to 90 days after the contract date, depending on what was negotiated. In the week before settlement your conveyancer will prepare settlement figures, confirm the final loan amount with your lender and organise the transfer of funds. You are entitled to a pre-settlement inspection in the days before settlement to confirm the property is in the same condition as when you purchased it.

Common Post-Acceptance Mistakes to Avoid

• Waiting to engage a conveyancer — do it on the day of acceptance
• Missing the finance condition deadline — contact your broker immediately
• Not ordering a building inspection within the condition window
• Not arranging building insurance until settlement day
• Making major changes to your financial position (new car loans, changing jobs) between acceptance and settlement, which can affect your final loan approval
• Not doing a pre-settlement inspection

How a Collings Property Advisor Helps After Acceptance

Many buyers only engage a Collings Property Advisor before making an offer. But our advisory service also covers the post-acceptance period, including reviewing the Section 32, coordinating the building inspection, negotiating any price reduction based on inspection findings, and guiding you through to settlement. All included in the fixed fee of $4,500 + GST.

Frequently Asked Questions

What happens if I pull out after the cooling off period?

If you withdraw from a contract after the cooling off period expires without a valid special condition (such as a failed finance condition), you forfeit your deposit — typically 10% of the purchase price. This can be tens of thousands of dollars. Always get advice before withdrawing from a contract.

Can I negotiate the price after my offer is accepted?

In limited circumstances — for example, if a building inspection reveals significant defects not visible during the initial inspection — you may have grounds to renegotiate. A Collings Property Advisor can assess your specific situation and advise on whether renegotiation is appropriate and what strategy to use.

Do I need a property advisor after my offer is accepted?

If you engaged a property advisor before making the offer, the service continues through to settlement. If you did not, it is still worth engaging one if you encounter complications such as a difficult building inspection, finance issues or a vendor pushing to alter settlement terms.

Get Expert Guidance Through Every Step

Buying a property is the largest financial transaction most people make. A Collings Property Advisor is with you from offer to settlement, ensuring you do not make costly mistakes at any stage of the process. Fixed fee: $4,500 + GST.

Book a free 15-minute discovery call at collings.com.au/property-advisory