Ideally for a private sale, a purchaser should view a copy of the Contract of Sale and a signed s32 Vendors Statement prior to making an offer. This can help you understand exactly what you are purchasing and any potential red flags. However, should you find yourself in a position of wanting to move quickly and make an offer before seeing a contract, you should keep in mind that there is a short cooling off period (usually three days) where you will still be able to walk away without penalties (there is no cooling off period if you buy at an auction).
Prior to making an offer, you must consider the price you’re going to offer, what conditions you would like to include, and the date you would like the property to settle, as well as having an idea in mind of any compromises you would be willing to make. You can submit your offer to the agent informally by email, or by having a conversation with them. The agent will take your offer to the vendor and negotiations can begin. This kind of offer is not binding and must be formalised in writing in the Contract of Sale. When you have your contract reviewed we can explain exactly how to make a formal offer (where to sign and what information to include) and suggest wording for any special conditions you wish to include, such as finance or building/pest inspection clauses.
If the Vendor accepts your offer, you will be asked to pay a 10% deposit into the agents trust account. The deposit due date will be written in your Contract, and it is recommended not to pay the full deposit until the contract is unconditional (i.e. all the conditions have been satisfied and your finance approved). Rather than pay the full deposit upfront, you may have the option of paying a smaller holding deposit, with the remaining balance paid by the deposit due date.  Due to the rising rates of cyber-crime in Australia, always double check that account details are correct prior to transferring funds.