What Happens After Your Property Offer Is Accepted?

After a property offer is accepted in Victoria, the buyer signs the Contract of Sale, pays the deposit, finalises finance, completes required inspections, and works with a conveyancer to prepare for settlement. The buyer should also arrange appropriate insurance and complete a final inspection. At settlement, ownership transfers to the buyer and the keys can be collected.

The period between your offer being accepted and settlement involves several important legal and financial steps. Having an experienced conveyancer on your side can help ensure everything runs smoothly and give you peace of mind throughout the process.

Here’s what you can expect after your offer is accepted in Victoria.

1. The Contract of Sale Is Signed

Once the seller accepts your offer, both parties sign the Contract of Sale. This legally binding document sets out the agreed purchase price, settlement date, special conditions, and any terms that apply to the sale.

If your offer is subject to conditions—such as finance approval or a satisfactory building and pest inspection—these will also be included in the contract.
This is one of the most important documents in your property purchase, so it’s essential to understand your rights and obligations before proceeding.

2. Pay the Deposit

You’ll usually be required to pay the deposit shortly after signing the contract. The amount is often 10% of the purchase price, although this can vary depending on what was negotiated.

The deposit is generally held in the selling agent’s trust account until settlement.

3. Finalise Your Finance

If your purchase is subject to finance, now is the time to secure formal approval from your lender.

Your bank or mortgage broker will:

• Finalise your loan.
• Arrange any required valuations.
• Prepare loan documentation for signing.

It’s important to provide any requested documents promptly to avoid unnecessary delays.

4. Complete Building and Pest Inspections (If Required)

If your contract includes a building and pest inspection condition, arrange these inspections as soon as possible.

These reports can identify structural issues, pest damage or other concerns that may affect your decision to proceed or require further negotiation with the seller.

5. Your Conveyancer Handles the Legal Work

Behind the scenes, your conveyancer is working hard to prepare everything needed for settlement.

This includes:

• Conducting property and title searches.
• Liaising with the seller’s conveyancer.
• Preparing legal documentation.
• Calculating adjustments for council rates, water rates and owners corporation fees (where applicable).
• Coordinating with your lender.
• Booking settlement through the electronic settlement platform PEXA.

Their role is to ensure all legal requirements are met and that your interests are protected throughout the transaction.

6. Organise Insurance

In Victoria, it’s wise to arrange building insurance as soon as you become responsible for the property under the contract. Your conveyancer can explain when this responsibility begins based on your specific circumstances.

If you’re purchasing a unit or apartment, check what is already covered by the owners corporation’s insurance policy.

7. Complete Your Final Inspection

Shortly before settlement, you’ll usually have the opportunity to inspect the property one final time.

This inspection allows you to confirm that:

• The property is in the same condition as when you purchased it.
• Any agreed inclusions remain.
• Any agreed repairs have been completed.

If any issues arise, notify your conveyancer immediately so they can help resolve them before settlement.

8. Settlement Day

Settlement is the day ownership officially transfers to you.

On settlement day:

• Your lender provides the loan funds.
• The balance of the purchase price is paid.
• Legal ownership is transferred.
• The seller receives payment.
• You become the new owner.

Once settlement is complete, you’ll be notified that you can collect the keys from the selling agent and move into your new property.

How Red Door Conveyancing Can Help

Buying property can feel overwhelming, especially if it’s your first purchase. Having an experienced conveyancing team guiding you through every stage can make the process much less stressful.

At Red Door Conveyancing, we help buyers with:

• Contract reviews before you sign.
• Clear, practical legal advice.
• Managing the entire conveyancing process from contract to settlement.
• Regular updates and responsive communication.
• Settlements across Victoria.

Our goal is to make your property purchase as smooth, straightforward and stress-free as possible.

If you need professional and expert conveyancers, contact Red Door Conveyancing on 03 8456 6797 or simply submit a contact form for smooth transaction.