How to Bargain for a Real Estate Deal
                     How to Bargain for a Real Estate Deal
One of the most unsettling aspects of 
home buying is contract negotiation. 
Depending on whether you buy a home 
through an auction or a private treaty 
sale, your strategy will change.
Always put a back-up plan in place
Make sure to get written confirmation 
of the acceptance of your offer. Both 
parties will be required to execute a 
contract note or a contract of sale in 
this situation (Victoria only).  The 
contract will outline the agreed upon 
pricing as well as any restrictions and 
conditions, such as subject to financing 
and a positive building inspection. 
Auction  
Prior to the auction day, if you plan to 
bid on a property, you must have done 
an inspection and secured a financing 
approval in writing. This is so that you 
would not add your own circumstances, 
like making the purchase contingent 
upon the sale of an existing property. 
As the contract conditions were 
established at the time of the auction.  
Pay a holding deposit
A few thousand dollars to 10% of the 
total purchase price can be used as 
the holding deposit. In the event that 
the sale falls through, this deposit is 
fully refundable (refer to the take). 
(Note that there is no cooling-off 
phase in Western Australia.) When 
you take ownership of the property, 
you should pay the balance, which is 
the discrepancy between the agreed-
upon price and the deposit.  
Sign a Contract Note (Victoria 
oIfn ylyo)u   decide to buy a home by 
private treaty in Victoria, there will 
be an agreement note (i.e. not at 
auction). This agreement is 
essentially your offer to the vendor 
to purchase the property at the 
agreed-upon price and under the 
specified conditions. 
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