What is a Tender?

Written by Gordon's on . Posted in Blog

opinicon_lodge.jpg What is a Tender?

Tendering is the process of purchasing Real Estate through a confidential written offer. Should you wish to purchase a property by Tender, prepare your best offer in consultation with your solicitor and/or agent and present it on the tender date. These tenders are then opened with the vendor and real estate agent present.

Occasionally, Gordon’s Estate Services will offer a property for sale by Tender with a minimum bid plus a buyer’s premium, which usually ranges from 5-10%.

This means the Seller is contractually obligated to sell the property to the party that submits the highest unconditional Tender above the published minimum bid plus the buyer’s premium.

Tender’s must be submitted on the forms provided by Gordon’s Estate Services and accompanied by a fully executed agreement of purchase and sale (also provided by Gordon’s Estate Services) and the required certified deposit amount made payable to Gordon’s Estate Services Ltd., In Trust.

Closing of the transaction will usually take place 30 days following the successful Tender.

Can I purchase the property before the Tender?

If an offer to purchase is made prior to the scheduled Tender Bids Due Date, the unconditional offer must be for the published “buy now” price and provide a 48-hour irrevocable period.  If an unconditional offer is presented to the Seller, all parties who have registered their intent to bid on the property will be provided notice that an offer that meets the Seller’s terms has been presented, and will then have the opportunity to make their own unconditional offer on the property.   To register your intent to bid on a property, please contact a Gordon’s Estate Services Ltd. representative. Although we do not encourage pre-Tender offers, we are obligated to present any offer that meets the Seller’s terms.  While a sale on the Tender Bids Due Date is the intent of the Tender process, our ultimate goal is to sell the property and meet the Seller’s needs.

Can I submit a conditional Tender on the Tender date?

Conditional Tenders will automatically be disqualified. HOWEVER, you may submit a conditional Tender.  In the event there is one or more valid Tenders submitted, your conditional Tender will unequivocally not be eligible for consideration. HOWEVER, in the event your conditional Tender is the only Tender and/or all Tender’s submitted are conditional in nature, the Seller is under no obligation to accept any conditional Tender, regardless of price, but may choose to work toward acceptance with the best conditional Tender submitted, at the Seller’s sole and absolute discretion.

How do I register my intent to submit a Tender if there is no set Tender date yet?

Contact Gordon’s Estate Services Ltd at 613-542-0963 or 1-800-267-2206 or email helpmovingon@gogordons.com. We’ll add you to the priority list of interested parties and be sure to keep you fully informed of new information about the property and process as things unfold towards the Tender. You will be first informed of the launch of the Tender property.

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