Focusing solely on price can lead to overlooking better overall terms.

Updated 28 October 2026

Contract for Sales - Seller’s Most Asked Questions #37: How do I choose the right offer?

How do you choose the best offer when selling in NSW?

Choose the offer that delivers the best combination of net proceeds, achievable settlement timing and acceptable contractual risk. Compare the buyer’s finance position, conditions, deposit and requested concessions alongside price. A higher offer can be less attractive if it depends on uncertain funding, costly repairs or a settlement date you cannot accommodate.

Ask your agent to present competing offers in writing on the same basis. Your lawyer can then explain the consequences of each proposed contract, including any costs transferred between the parties. Decide what matters most before allowing a headline figure to dominate the discussion.

How can you compare offers beyond the headline price?

Compare what each offer leaves you with after concessions and additional costs, then assess the likelihood and timing of completion. Include repair commitments, settlement adjustments, holding costs and the consequences for your next purchase. A useful comparison records unresolved matters as uncertainties rather than assuming every buyer’s preferred outcome will occur.

For illustration, an offer $15,000 higher may lose its advantage if it requires $10,000 of agreed work and $6,000 of additional holding costs. Those figures are hypothetical, not market averages. Obtain realistic estimates and distinguish unavoidable costs from expenses caused by that particular offer.

Does a buyer’s loan pre-approval make the offer secure?

Pre-approval is useful information, but it is not a guarantee that the lender will fund the purchase. Final approval may depend on a valuation, further documents and satisfaction of lending conditions. Ask what remains outstanding, when it can be resolved and whether the buyer requires a contractual finance condition.

A buyer described as a cash buyer may still depend on another sale, an investment redemption or funds arriving from overseas. Through your agent or lawyer, seek appropriate confirmation of funding readiness. Avoid demanding unnecessary personal records. Even unconditional approval does not eliminate every settlement risk, so assess the proposed timetable as well as the approval status.

Which offer conditions deserve particular attention?

Conditions deserve attention when they let the buyer withdraw, postpone completion or seek further concessions. Common proposals concern finance, inspections, sale of another property, repairs or approvals. The wording should identify the requirement, deadline and consequences of failure, so both parties understand whether the transaction will proceed and on what terms.

• For finance or another sale, check the deadline and any extension or termination mechanism.
• For inspections and repairs, identify the concern, permitted response and scope of any work.
• For vacant possession, check existing tenancy arrangements before promising a date.
• For inclusions and exclusions, identify valuable equipment and anything the seller intends to remove.

Fewer conditions can simplify the transaction, but the buyer must still be capable of performing it. A condition-free offer from an unprepared buyer can create a different set of problems.

How should you assess the deposit and settlement date?

Assess the deposit’s amount, form and payment timing together with the buyer’s ability to complete. A substantial deposit provides some protection but does not prove financial capacity. Choose a settlement date that accounts for your mortgage discharge, moving arrangements and any linked purchase, rather than assuming the shortest period is best.

Deposits are often 10% of the price, although a smaller deposit can be agreed. If a deposit bond is proposed, understand its conditions and when it can be called upon. Do not assume a deposit held pending completion is money you can immediately spend.

For simultaneous transactions, check whether you need bridging finance, temporary accommodation or storage. Have your lawyer document any extension and its consequences. Repeated informal extensions can obscure the parties’ positions when a deadline is finally missed.

Can a land tax adjustment change the real price?

Yes. If the contract makes land tax adjustable, the buyer may need to reimburse an amount to the seller at settlement in addition to the purchase price. This is a contractual allocation of cost, distinct from the seller’s liability to Revenue NSW. Obtain an estimate before agreeing to the term.

In the unamended 2026 standard contract, ‘NO’ is the default unless another choice is marked. Ordinary land tax must have been paid or be payable for the relevant year before the adjustment applies. The calculation assumes a single landholding without special-trust or non-concessional-company treatment; it does not simply pass on the seller’s entire portfolio assessment.

The standard terms exclude surcharge land tax and First Home Buyer Choice property tax from adjustment. Special conditions can change the contractual position. Check the applicable period, calculation and any amendments.

Separately, a land tax clearance certificate addresses unpaid charges affecting the land. A clear certificate does not cancel an agreed reimbursement, and selecting ‘NO’ does not remove the need to address an outstanding charge.

What has Christine seen when buyers focus on price?

An attractive price can distract a purchaser from an adjustment that substantially increases the money needed at settlement. Land tax is a practical example: a small selection in the contract can have a large financial effect. The experience also matters to sellers, because unexpected costs can trigger difficult negotiations.

In one matter I handled, a purchaser was drawn to what appeared to be a good price. The contract had ‘yes’ selected for land tax adjustment, and the purchaser faced a substantial additional bill. We had to negotiate the land tax adjustment out of the transaction.

That outcome depended on negotiation; it was not an automatic entitlement to disregard the contract. For buyers, the lesson is to obtain advice on the total settlement amount. For sellers, address the adjustment openly and early, and compare offers on the basis of the terms actually agreed.

What can happen when purchase funds arrive late?

Late funding can jeopardise a purchase where the contract gives the seller an enforceable right to terminate. In Tanwar Enterprises v Cauchi [2003] HCA 57, the High Court upheld the outcome against a purchaser whose funds arrived after an essential deadline. The result depended on the particular contractual arrangements and circumstances.

After earlier delays, the parties had signed supplemental deeds giving the purchaser a final opportunity to complete the NSW land purchases, with time expressly essential. Part of the funding was coming from overseas. Additional checks delayed the transfer, and the purchaser could not settle on the stipulated day.

The funds arrived the next day, but the vendors terminated. The High Court dismissed the purchaser’s appeal seeking relief from termination and specific performance. This does not mean every late settlement allows immediate termination. Sellers need advice on the contract, required notices and their own readiness to complete.

When does accepting an offer become binding?

In an ordinary NSW residential private-treaty sale, agreement on price usually precedes a binding exchange of contracts. After exchange, the seller has no statutory cooling-off right. The buyer may have one, depending on the transaction. Your lawyer should confirm the position before you commit to another purchase or reject competing interest.

Most residential private-treaty purchases have five business days to cool off; qualifying off-the-plan contracts have ten. Cooling off does not apply at auction or where the applicable right is validly waived. A buyer exercising a statutory cooling-off right ordinarily forfeits 0.25% of the price. The relevant deadlines and exceptions should be checked for the actual transaction.

What should you check before choosing an offer?

Before authorising exchange, have your lawyer check the complete agreed terms and ask your agent to resolve outstanding commercial questions. Confirm that the price, funding timetable, deposit, conditions and adjustments work together. A clear written comparison helps you choose knowingly and reduces the chance of a late disagreement over expectations.

• Obtain a written summary of each offer and any unresolved condition.
• Compare expected net proceeds and timing, including land tax and other adjustments.
• Ensure negotiated changes appear consistently in the final contract.
• Have a lawyer check the contract before signing or authorising exchange.

Christine Manolakos and CM Lawyers can assist through our property sale service. If you are also purchasing, our buyer’s conveyancing service can review the related contract and settlement obligations.

General information about NSW property sales. Always obtain legal advice on the particular offer and contract before committing.

Key resources

• NSW Government guide to selling property — sale steps, deposits and exchange.

• NSW Government guidance on loan pre-approval — why conditional approval does not guarantee funding.

• Law Society of NSW contract resources — the 2026 standard contract, including land tax choices and adjustment terms.

• Revenue NSW guidance on land tax clearance — unpaid charges, clearance certificates and contractual arrangements.

• NSW Government guidance on contracts and deposits — cooling off, exchange and settlement.

• Law Society of NSW guidance on finalising a sale — coordinating settlement with a linked purchase.

• Tanwar Enterprises v Cauchi [2003] HCA 57 — High Court judgment on delayed funds and an essential completion deadline.