Buying by tender

When a property is for sale by tender, buyers give confidential written offers to the agent before a specified end date.

Summary of important things to know
  • Offers made on a property for sale by tender are usually opened after the tender deadline. However, the property can be sold before the deadline if the seller decides to accept offers earlier. The marketing should include a phrase like "unless sold prior" if the seller might accept offers early.

  • Prospective buyers should register their interest with the agent and ask to be informed if someone else makes an offer before the deadline, or if the closing date or time is changed, to give them the best chance of making an offer.

  • There may be a price indication from the seller. Buyers can choose to offer more or less than the amount indicated.

  • Prospective buyers can attach conditions to their offer, for example, making the offer subject to a property inspection report, a valuation, approved finance or selling another property.

  • Sellers can attach terms and conditions to the sale such as specifying the settlement date and which chattels will be included.

  • If a prospective buyer doesn’t meet the conditions of the offer or needs more time to meet the conditions, they need to talk to their lawyer or conveyancer and the real estate agent as soon as possible.

  • A deposit is usually provided with your tender offer. Prospective buyers should check the settlement date and make sure they have all their finances and other arrangements in place for then. If the offer is accepted, the remainder of the purchase price is due on settlement day (when the property is scheduled to change ownership). 

Decorative Image

Was this information helpful?

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.