Buying by tender
When a property is for sale by tender, buyers give
confidential written offers to the agent before a
specified end date.
Buying by advertised price,
deadline sale or negotiation
Advertised price: The seller sets a price and
you can choose to offer more or less than that
price and negotiate the sale. There is no specific
deadline your offer needs to be received by.
Deadline sale: The seller sets a date and you can
make an offer at any time before that date. The
seller may indicate the price. You can offer more
or less than that price and negotiate the sale.
Negotiation: When it’s difficult to estimate the
market value of a property, a seller may choose
to sell by negotiation. Buyers make offers based
on what they think the property is worth in the
current market. There’s no end date for offers.
Important things to know
• In all cases, you can attach conditions to your
offer, like making the offer subject to a building
inspection. You can change your offer at any
time before the seller accepts it, and you can
include an expiry date on the offer.
• Sellers can also attach terms and conditions
to the sale, for example, the settlement date.
• If you can’t meet the conditions or need an
extension, you need to talk to your lawyer or
conveyancer and the real estate agent as soon
as possible.
• If there is more than one offer, the sale may
become a multi-offer process.
Important things to know
• You can attach conditions to your offer. Sellers
can also attach terms and conditions to the
sale.
• You can make an offer at any time. If the seller
decides to accept offers earlier than the tender
end date, the property can be sold before this
date.
• Register your interest with the agent and ask
to be informed if someone else makes an offer
before the end date to see if you can also make
an offer.
• If the seller has decided they will
accept offers before the end date and there is
more than one offer, the sale may become a
multi-offer process.
• The seller doesn’t have to accept the highest
offer or any offer. The seller may choose to
negotiate, through the agent, with anyone who
submitted an offer.
Buying by auction
A property auction is a fast-paced, public sale. The
property is sold to the buyer with the highest bid
after the seller’s reserve
price is reached.
Important things to know
• Buyers should register their interest with the
agent and ask to be informed if another buyer
makes an offer before the auction date.
• If you haven’t been to an auction before, it’s a
good idea to attend one as a spectator so you
can see how they work.
• If you win an auction, you are committed
to purchase the property. You must pay the
purchase deposit on the auction day. It’s very
important to have your finances in order and
to complete your due diligence before you
think about bidding at auction.
Whichever offer process is used, remember
that a sale and purchase agreement
is a legally binding contract, so get legal
advice before you make your offer.
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