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A deadline sale or deadline private treaty is very similar to the tender process but is less formal and allows more flexibility, particularly for the vendor. A property is offered for sale with no fixed price over several weeks, and prospective purchasers are required to submit their offers at any point by a specified deadline date and time.
Offers are made on a standard sale and purchase agreement rather than on specific tender documents and therefore can include conditions. The objective is to enable purchasers to make offers unconditional when presented, however, the method of sale allows purchasers to add clauses to suit their circumstances if they wish. The marketing time frame usually enables the purchaser to complete their due diligence and arrange finance well prior to the deadline.
Unlike the tender process, the vendor is not obliged to accept any offers and can choose to accept an offer at any point during the listing period, therefore buyers need to be proactive in registering their interest early on and putting their best foot forward. Offers can be submitted by the due date in a sealed envelope or emailed to the agent directly. The integrity of a deadline sale is confidentiality, and at Property Brokers we ensure that only authorised personnel, the vendor and any advisors brought in by the vendor will be privy to that information throughout the process.
If an early offer is made, our best practice is to notify all other parties known to the agent who are engaged in due diligence on the property that an offer has been received and allowing them the opportunity to also make an offer prior to the deadline. This can result in the other parties being given a shorter time frame (between 24 and 48 hours depending on the vendor) in which to submit their offer, so it is wise to complete any due diligence as soon as possible.
As with all offers for purchase, there are two components for the vendor to consider – price and conditional terms. A lower, unconditional offer may be more satisfactory to a vendor than a higher offer with conditions, as an unconditional offer gives more certainty. Unless sold prior, all offers are considered together by the vendor once the deadline date has passed. The vendor is not committed to selling, but the expectation is that the best offer will either be accepted or that negotiations will take place between the person or persons to negotiate changes to the price or terms specified, to make their offer more acceptable to the vendor.
The vendor is not obliged to contact all parties and may accept an offer immediately without consulting any of the other parties. Whilst the deposit is not required to accompany the offer, if the offer is accepted, the successful party will need to pay the agreed upon deposit amount immediately after the agreement is signed by all parties.
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