You've received an offer on your house. Now what?
In short
A private seller's guide to reading an offer: what makes it binding in your state, what the conditions mean, what to check before you say yes, and how to respond without an agent in the middle.
On this page
First, read the whole offer, not the numberWhen it becomes binding in your stateWhat to do before you answerCounter-offering without an agentWhat helm does at this pointSourcesAn offer is not a sale. In every state and territory the sale happens when a contract is signed by both sides (or exchanged, in NSW, the ACT and the NT). Everything before that is negotiation, and you are allowed to take your time.
First, read the whole offer, not the number
A buyer's offer has four parts that matter, and the price is only one of them.
Price. What they will pay. Fine. Now keep reading.
Finance. Is the offer cash, pre-approved, or "subject to finance"? Subject to finance means the buyer can walk away if their lender says no, usually within 14 to 21 days. Pre-approval is better than nothing but is not a loan; the bank still values the property.
Conditions. Building and pest inspection, subject to the sale of the buyer's own home, a specific settlement date, chattels included. Each one is a way the sale can fall over or slow down. Our guide to conditional vs unconditional offers goes through each one from the seller's side.
Deposit and settlement. 10% is standard, 5% is common. The deposit is held by the stakeholder named in the contract, usually your conveyancer or solicitor in their trust account (in Victoria it can also sit in an account in both your names). Never take it into your own account. Settlement is usually 30 to 90 days; a buyer who needs 120 is telling you something.
When it becomes binding in your state
| State | The sale is on when | Buyer cooling-off after that |
|---|---|---|
| NSW | Signed contracts are exchanged | 5 business days, 0.25% of the price to walk away. None at auction; can be waived with a 66W certificate |
| VIC | Both of you sign the contract of sale | 3 clear business days from when the buyer signs, $100 or 0.2% of the price, whichever is greater. None at auction |
| QLD | Both of you sign the contract | 5 business days from when the buyer receives the signed contract, 0.25% to walk away. None at auction |
| SA | The sale contract is signed | 2 clear business days from the Form 1 or signing, whichever is later. Up to $100 of the deposit can be kept |
| WA | The Offer and Acceptance is signed by both sides | None |
| TAS | Both of you sign the standard contract | None |
| ACT | Signed contracts are exchanged | 5 business days, 0.25% to walk away. None at auction |
| NT | Signed copies are exchanged | 4 business days, no penalty. None at auction |
Cooling-off has exceptions in most states (for example a sale within three clear business days of an auction in Victoria, or a buyer's written waiver in Queensland), so your conveyancer confirms how it applies to your contract.
Until that point a verbal yes or a handshake generally binds nobody. Written messages need more care: an email that sets out the key terms has, in some cases, been held to form a binding contract, so mark written replies "subject to contract". Before signing (or exchange) either side can generally walk away: a buyer without cost, and a seller to take a better offer, which buyers call gazumping. In NSW, the ACT and the NT that window is often longest, because exchange can come days after an offer is agreed.
What to do before you answer
- Ask your conveyancer to look at the conditions. Not the price, the conditions. A finance clause with no deadline, a "subject to sale" with no sunset, or a settlement date that does not line up with your own move are the things that cost sellers months.
- Check the deposit arrangements. Where it goes, when it is due (in Queensland the initial deposit is usually due when the buyer signs, with any balance by a date in the contract), and what happens to it if the buyer walks inside cooling-off.
- Compare the offer against your own terms, not just your price. Decide before you reply what settlement window you need and which conditions you will accept.
- Reply in writing, marked "subject to contract". Accept, decline or counter. A counter-offer is a new offer, so the buyer's original one lapses. Keep it short and specific: price, conditions, settlement, deadline for their answer.
Counter-offering without an agent
You do not need a script. Say what you would accept and by when. If the price is close and the conditions are clean, meeting in the middle is normal. If the price is right and the conditions are not, counter on the conditions: a shorter finance period, a sunset on the subject-to-sale clause, a settlement date that works for you. Buyers expect this.
Do not negotiate against yourself. One counter, a deadline, then wait.
If a second offer turns up while you are still deciding on the first, read handling two offers at once without an agent before you reply to either.
What helm does at this point
Every offer made through helm lands in your dashboard with the price and the conditions laid out the same way. helm scores each one on its terms (where the price sits against your asking price or guide, the conditions, the deposit and the settlement period) and its AI explains the score in a sentence. Two offers at the same price often score very differently once the conditions are weighed. The score is about the offer's terms, not what your home is worth, and the decision is always yours. helm does not negotiate for you and never holds the deposit. There is more in our FAQ on whether a buyer's offer is fair, and a walk-through of what helm's offer score looks at.
Sources
NSW Government, Contracts and deposits when buying property (22 Sep 2025) and Making an offer on a property (8 Jul 2026). Consumer Affairs Victoria, Selling property by private sale. Queensland Government, Contract of sale and Cooling-off period for residential properties. SA.GOV.AU, Offers, auctions and buying off the plan (18 Mar 2026). Consumer Protection WA, Real estate contracts: sale by offer and acceptance (21 Nov 2024). Hobart Community Legal Service, Buying and selling real estate. Access Canberra, Reality Check: a real estate guide for buyers and sellers in the ACT. NT.GOV.AU, Contract of sale. This is general information, not legal advice; your conveyancer or solicitor advises on your contract.