Offer Acceptance & Options

If I'm selling a place and someone makes an offer what are my options? For example if someone makes an offer at just below asking price then it's now in cooling off period but another person makes a much better offer, can I decline the first offer now or am I obliged to sell it to them?

 

I believe that if you are seller and are in a cooling off period, it is only the purchaser that can exercise their cooling off rights. You are obliged to sell to them. Check this with your conveyancer though.

 

Which state is this in?

Generally speaking - the cooling off period protects the buyer more than the vendor.

Cheers

Jamie

 

In NSW if you have exchanged subject to a 5 day cooling off period (COP), the buyer is in complete control - a vendor cannot decide not to sell, or to sell to anyone else at a higher (or lower) price. The 0.25% deposit that is put down by the purchaser is forfeited to the vendor if the buyer rescinds the contract for any or no reason within the COP.

 

thanks, that clears up all my questions. With the deposit and the buyer pulls out, does that go to me or does the agent take a cut?

 

Vendor gets the 0.25% fully (no agent comms).