What do I need to do to secure a property under offer?
If you’re looking to secure to the property to ensure that another buyer can’t secure it, you can exchange on a five day cooling off period, which requires a .25% deposit. It’s a lot less than the 10% required under the full contract, that gives you five business days to complete your due diligence and then if you decide to move ahead, you pay the balance of the deposit and it then goes unconditional.
If you change your mind during that period, obviously you forfeit your .25, but this legislation was brought in to stop buyer’s being gazumped, to use the term and other buyers coming in and knocking them off. If you want to secure a property without someone else getting it, .25% sign a contract and exchange on a five day cooling off period.