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Selling by tender is gaining popularity among sellers as it,

  • enables a seller to determine the true market value of the property;
  • is a quick way of selling a property that otherwise may take several months to dispose of;
  • limits the number of occasions on which an agent and/or prospective buyers will visit the property.

Once a seller has decided to sell a property by tender, it will be marketed to prospective buyers on the basis that the property can be inspected on a particular date or dates that suit the seller. Interested parties can attend these inspections before submitting a written tender (“offer”) by the specified due date.

Prospective buyers will be invited to make individual offers for the property on pre-printed tender documents that will be prepared by our real estate attorneys and circulated to buyers.

Prospective buyers present their offers in sealed envelopes which are kept secret from other buyers. This means that prospective buyers will remain unaware of what offers competitors are submitting. It is essentially a type of silent auction. Sellers are not allowed to accept any offers before the pre-specified deadline has been reached.

Buyers can make a conditional offer, such as making their purchase subject to a building approval certificate, acquisition of a mortgage bond or the sale of their property. These terms and conditions will be included as possible options in the pre-printed tender document.

After the closing date and assisted by one of our real estate attorneys, a seller will then consider these various offers at a pre-specified date. With the attorney’s advice, the seller can choose the tender that is most favourable, depending on the price offered as well as the terms and conditions. There is no obligation to choose one of the tenders that has been submitted or even the highest tender.

If none of the tenders is found to be acceptable, HomeLegal Realty can go back to the potential buyers to see if any of them will be willing to change their conditions or offer a higher price.

HomeLegal Realty

Buying or selling a home is a big step and at times stressful.

Trust our real estate attorneys to streamline and effectively handle the purchase or sale of your property from start to finish at a low fixed commission.

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Contact Us

LB Vorster Attorneys, Hermanus, trading as: HomeLegal Realty*

Suite 24 & 25, 1st Floor, Astoria Village, Main Road, Hermanus

+27 (0)28 313 0136

lb@lbvorster.co.za
yvonne@lbvorster.co.za
gawie@lbvorster.co.za

https://www.homelegal.co.za/

 

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