Tenders explained

What is a Real Estate Tender?

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” marketing strategy usually with a 4-5 week period from start of the promotion until Tender Day (the last date for tenders to be received by).

 Contact your solicitor

Rural and Lifestyle Sales.com provides information packs which will include an Information Memorandum (property details), Tender Documents, Certificate of Title and may include a copy of Resource Consents and/or a LIM report. If you have any concerns prior to the close of tender, we recommend you consult your legal advisor.

 The Tender process
  •  All offers should be made using the tender documents provided by your salesperson for the property you wish to submit on.
  • Tender documents are deposited at a designated office and kept secure in a locked tender box  until the specified deadline.
  • All tenders will be opened with the vendor and/or their representative(s) present and a Rural and Lifestyle Sales representative(s).
  • The vendor retains the right to negotiate with a preferred tenderer should any tender not initially be acceptable.
  • If your tender is accepted, the agreement is binding under the legal terms and conditions of the agreement.
  • Tenders should preferably be an unconditional offer, but conditional offers also can be made.

Talk to your salesperson about conditions that you may wish to insert – as much as possible, we recommend sorting issues and concerns out prior to tender day.

Your salesperson will endeavour to assist with any extra information on the property or the locality such as recent sales history.

Obtaining a registered valuation may be of assistance for you to not only secure suitable finance, but help guide you in where to pitch your offer.

 

Prior to submitting your tender
  •  Ensure that you have read and understood the Tender Documents thoroughly.
  • Sit down with your legal representative and advisors to discuss.
  • Clearly add any conditions that you may require.
Withdrawing a Tender

Most Terms and Conditions of Tender in real estate  include a period that the offer contained in each tender cannot be withdrawn and shall remain effective until the expiry of a certain number of working days from the closing date and time, usually 5-10 working days.

Put your best foot forward first time

Try to present your offer as attractively as you can to the vendor. This can include not just price but thinking about conditions and date of settlement. Remember you may not get the chance to negotiate.