If you are considering Selling your property, perhaps the Tender process is a marketing option!
The results from the Tender process vary according to the Price expectation of the Seller, market activity and the demand for the Property type being offered.
The Seller need not accept the highest Tender or any Tender presented. He can reject all or enter into further negotiations to arrive at a Mutually agreeable position of Purchase & Sale.
A Tender Closing Date for Tenders is announced & once Tenders have been reviewed and, an acceptance perhaps negotiated & agreed, the proposal which is considered as a Letter of Intent to Purchase is immediately completed in a Formal Agreement of Purchase & Sale; (OREA form), with all required Agency disclosures & confirmations attached.
Deposit monies are held in a Real Estate Trust Account and become part of the Purchase Price on completion of the transaction.
Once the Agreement of Purchase & Sale is completed, the transaction proceeds as per the contract dates and any conditions therein being fulfilled.
Conveyance of the Title is completed by the Buyer & Sellers respective Solicitors on closing date.
The Selling fee or % Commission for procuring the Tender is negotiated in advance of marketing the property, & will vary according to the various marketing options chosen.
Please call for your Personal consultation with respects to your Marketing Options!
Thank You
Alister MacLean CCIM. s/rep
Royal LePage Landco Realty Brokerage.
519-485-7066