You must keep copies of all tendered offers for 12 months (Code of conduct rule 10.12).The deposit is returned if the tender is not successful. Prospective buyers provide a deposit, which is typically 10% of the purchase price, with their offer.Prospective buyers will be asked to fill in a legally binding tender agreement, which includes the tendered price and conditions of sale.You should discuss any benefits and drawbacks of changing the deadline with the vendor and notify interested buyers if the deadline changes. The vendor may also be able to change the deadline.The advertising should make this clear and include a phrase like “unless sold prior”. Tender offers are usually opened after the tender deadline, although the tender document can set out a different process, for example, that the property can be sold before the deadline.
These are some key points about the tender process:
