Once your offer has been accepted...

• The property can be advertised as "Under Offer" or "Sold Subject to Contract". Under Offer means that the vendor has been made an offer for the property but has not yet decided whether to accept. Sold Subject to Contract means that the vendor has accepted an offer but the sale has not been finalised. Properties which are Sold Subject to Contract are usually pending surveys or completion of paperwork.
• At this point you are not committed to the sale. If, for any reason, you decide not to go through with the purchase you can pull out now without penalty.
• The seller is also not committed to the sale, and may entertain higher bids from other buyers. This is called gazumping.
• Some agents or developers may try to get you to pay a small deposit to show that you are serious about the purchase. However, you should consult your legal representative before parting with any money or signing anything.
• If the survey highlights any factors that you think should be reflected in the price, now is the time for re-negotiation.