BUYER'S GUIDE TO TENDERS

Tender is a method of selling a property through the process of private and confidential offers meeting a set timeline. It is a ‘no price’ strategy usually with a 3-4 week intensive marketing campaign.

Contact your solicitor

It is recommended that you have your solicitor check the Tender Documents. Duncan Realty provides information packs which will include a Property Fact Sheet, Tender Documents, Certificate of Title and may include a LIM. If you have any concerns prior to the close of tender, we recommend you consult your legal advisor.

Registering your interest

If you are interested in submitting a tender for a property, ensure you register your interest formally with a Duncan Realty salesperson. That way, should there be any change of circumstance your salesperson will be able to contact you.

The tender process

• No property will be sold prior to the tender close date
• All offers will be presented on the standard Tender documents provided by your salesperson for the property you wish to submit on
• Tender documents will need to be deposited at the specified location by the tender deadline
• Tender documents will be held secure in an allocated locked tender box and will remain there until the specified deadline
• All tenders will be opened with the vendor and a Duncan Realty representative/s. The vendor does have the right to negotiate with a preferred Tenderer should any tender not be acceptable
• If your tender is accepted, the agreement is binding under the legal terms and conditions of the agreement
• You may present, preferably an unconditional offer, but conditional offers also can be made
• To assist with your offer, your salesperson will endeavor to assist with property sales in the relevant area and have information on the property itself available. Further, a registered valuation may be of assistance.

Prior to submitting

• Ensure that you have read and understood the Tender Documents
• Clearly add any conditions that you may require
• Attach a 10% deposit (personal or bank cheque) in the event that your tender is successful
• Upon acceptance you are legally bound
• Remember that under clause 2.6 of the terms and conditions of the agreement that “the offer contained in each tender cannot be withdrawn and shall remain effective until the expiry of five (5) working days from the closing date and time”
• Try to present your offer as attractive as you can to the vendor. Remember you may not get the chance to negotiate.