This form is the initial step in the process of making an offer for the property. Once you have submitted this form, we will be in contact to discuss the information provided and help you structure the offer to put you in the best position possible. Depending on the sales campaign your offer will then be transferred to a Contract of Sale before being presented to the vendor.
Your offer is made up of the amount you are prepared to pay for the property, the terms and any conditions you wish to put on the contract. The higher the price, the most attractive the terms and the fewer the conditions; the stronger your offer.
For a contract to be valid there must be an exchange of funds which acts as a security for the vendor which is fully refundable if the terms and conditions are not met.
10% of the offer price is the standard amount but this could be a lower or higher percentage depending on circumstances. Ideally, this is available as soon as the offer is accepted however sometimes it may take a few days to make the funds available to be available when the subject to finance condition is due.
The deposit sits in our trust account until we are instructed to release it.
If the full deposit is not available at the time of signing contracts we will ask for an initial deposit of 0.2% of the offer amount. This is equivalent to the cooling off fee. From the date you sign the contract you have three clear business days in which to cool off irrespective of the terms and conditions. If you cool off within this time period the vendor has the right to withhold 0.2% of the sales price of the contract from the deposit monies.
Please supply your legal representative’s (conveyancer or solicitor) contact details below.
Why this matters:
As a purchaser, it’s important to have a legal representative as part of your team from the outset. If you are serious about purchasing a property and haven’t yet engaged a conveyancer or solicitor, we highly encourage you to do so now.
Having legal advice early ensures you can make your offer with confidence, knowing that the Contract of Sale and Vendor Statement (Section 32) have been reviewed by a professional on your behalf. This helps avoid unexpected issues, unnecessary delays, and attempts to re-negotiate after the main terms of the deal have already been agreed.
At Woods, we believe that a smooth, informed transaction benefits everyone. Taking these steps now sets you up for success.
If you would like a referral to a trusted local conveyancer, please let us know.
The deposit can be specified as either a dollar amount or a percentage of the offer price. Typically, we require a 10% deposit based on the offer amount.
Please note: This deposit is separate from any deposit arrangements you may have with your lender. For example, your finance may involve borrowing 100%, 80%, or 50% of the purchase price — this does not affect the deposit required for the contract of sale.
Your deposit is held securely in our trust account and is fully refundable should any conditions of your offer (if applicable) not be satisfied.
