Decoding The Offer Process: What SA Agents Can And Cannot Say

The Short Answer: Real estate legislation in South Australia prevents an agent from telling one buyer exactly what another buyer has offered. While an agent can state that multiple bids have been received, they must maintain the privacy of the contract terms.


Understanding the Rules: Can Agents Reveal Your Offer?


The rules governing how property offers are handled in SA are structured to ensure a fair market environment. The core of these rules comes from the Land and Business Act, which sets the standard for how information must be handled during a sale.



One of the most frequent misunderstandings is whether an agent is acting illegally when they refuse to disclose a competing price. In many other states, "shopping an offer" may be standard procedure, but in the local market, the privacy of the negotiation is paramount.




The Multi-Offer Protocol: What Happens When Competition Increases


In the event that a home receives more than one formal bid, a specific protocol is usually activated. In the industry, this is typically handled via a formal best-and-final offer round.



Informing the Parties: Once more than one offer is on the table, the agent has a duty to let all potential buyers know that they are no longer the only party in the negotiation.
Submission of Formal Terms: Parties are usually asked to submit their absolute best price and conditions by a set time to ensure the vendor can make a clear comparison.
Final Selection: Every formal bid is delivered to the seller immediately. The vendor then has the ultimate authority to choose the winning bid.


The Professional Responsibility as an Intermediary


The agent's role is not to set the price, but to facilitate a legal and ethical exchange of information between the buyer and the seller. An agent cannot legally tell you that "an extra $5,000 will win the house," as that would imply they have disclosed the private details of another party's contract.


Ensuring Genuine Competition in Property Sales


Trust is the foundation of the property market. Creating a fake offer to drive up the price is a serious offense that can result in the loss of an agent's license and significant fines.



To protect themselves, buyers should be aware that agents must maintain a written record of all offers received. This system of accountability guarantees that when an agent says there is another offer, they are acting with honesty.


Common Questions About Offer Disclosures in SA


Is the agent required to tell me the number of bids?
Yes, an agent can disclose the volume of existing offers. While they must hide the dollar amounts, knowing the volume of competition helps you understand the market heat.
Is a "Best and Final" deadline legally binding?
The seller has the authority to look at new bids right up until a contract is fully signed. However, professional etiquette usually dictates that the deadline is respected to maintain fairness.
how service models differ across real estate agencies - similar resource site - do I know if the other offer is actually real?
While you are not allowed to view the other bid, you can have confidence that licensed agents are monitored by the state.