Hi Matt,

I'm a bit confused here.  I just need to clarify a few things:

1) So you mean we can actually sign the contract and pay a nominal deposit, like a holding deposit, without having the vendor sign as well?  Is this contract binding in any way then?
2) I thought once you sign, it means you are ready to exchange contracts?
3) And if the vendor sign as well, do we just get 5 days (cooling off), instead of 14/21 days, to have our building and pest inspection done?
4) If we had signed the contract and have our buidling and pest inspections done during the cooling off period, and if the reports come back with some defects, do we still have room to re-negotiate the price?

Thank you guys for all the comments.

Thank you guys for your responses.  Let me just clarify my point.  The house I'm looking at is actually up for auction.  I was thinking if I knew the UCV for the block of land, age of the house and the cost of any renovations done, I can roughly estimate how much the property is really worth, which helps me to determine my maximum bid at the auction.   So am I on the right track??  Is that how people work out how much they are going to bid at auction?