Established purchases refer to purchasing an existing property, usually on a 30–90 day settlement, which requires a deposit to be paid upon execution of a contract note or contract.

The amount of deposit payable can be negotiated between vendor and purchaser, but is generally between 5 per cent to 10 per cent of the purchase price.  As mentioned, in some states, such as Western Australia and the Northern Territory, a deposit can be much smaller than this.

When established property is sold via the auction system, the 10 per cent deposit must be paid on the day of the auction upon signing the contract of sale.

Note that if your client makes a purchase via an auction, his or her cooling off rights are waived.