There is no reserve price as such but the vendor will have in mind a price which will be established by the closing date of the Tender. Other than the vendor, the real estate salesperson is the only person who may know this price which is generally established by feedback from intending purchasers.
Through the salesperson who listed the property or the salesperson who introduced you to the property. They will assist you to fill out the correct Sale and Purchase Agreement Form for Sale by Tender. It is important that this is done before the closing date and time of the tender.
Yes, however the vendor will take into consideration any conditions on any contract and therefore may make it part of the selection process if there are more than one tendered offer. It is more prudent that as many conditions as possible are satisfied before submitting the tender.
No, unless the following words appear alongside advertising of the Tender closing date and time: “unless sold by private treaty”. It is recommended that any pre-tender closing date purchase viability is checked with the Listing Salesperson.
No the Privacy Act 1993 precludes any such information being distributed, other than what becomes public knowledge through successful sale of Real Estate.
The new code of Practice for Tenders prepared by the Real Estate Institute of New Zealand stipulated that these terms are no longer valid terms to be used in the sale of real estate by the Tender process.
There are three answers:-
This is the price YOU are prepared to pay. Other people will perceive different amounts. Generally, your price will be established by what property has sold for around the area and also the particular features that the home offers you.
If the vendor’s price is not reached or if the tender offers contain unsuitable terms then the vendors may seek to negotiate an agreement with any unsuccessful tenderer.
The contract is the standard contract as approved for use by the Members of the Real Estate Institute of New Zealand (Inc) with Particulars of Property as per the property available for sale by Tender and with the following Conditions of Sale:-
The contract will be available and on display throughout the advertising period prior to the Tender closing date through the Listing salesperson.