Sales Process

Deadline Private Treaty Sales Process

A deadline sale is the process of purchasing real estate through confidential submitted written offers. If you want to buy a property by deadline sale, you prepare your best offer and send it to the vendor’s Agent to consider alongside any other offers the vendor receives at any point in the deadline sale campaign.

The property is offered for sale with no price, with a deadline by which offers need to be submitted on the basis that the vendors reserve the right to accept an offer at anytime before the deadline sale closes.

Buying by deadline sale is a relatively simple process, with advantages for the purchaser as well as for the vendor. However, it’s not simply a matter of turning up on the day and writing down what you’d like to pay. It’s worth doing full due diligence early to know your rights and obligations and to ensure you feel comfortable with the process.

To help you better understand how deadline sales work, we’ve put together a list of key things you’ll need to do before submitting an offer.

• Arrange finance. This is very important. You need to be comfortable with the level at which you’re offering. It’s fine to put a finance clause into the contract, but bear in mind that a vendor may favour the most straightforward offer on the day.

• Read the contract. The ‘Sale and purchase agreement’ is the contract signed by the potential purchaser at the time of submitting a deadline sale offer. If your offer is accepted, it will then be signed by the vendor and become a binding contract. It contains a legal description of the property and terms of settlement. We recommend you engage legal advice before presenting an offer.

• Know the value. If you have been studying the market, you may have a good idea of what the property is worth. If you need help, your real estate Sales Consultant can refer you to similar properties which have sold recently that are a good comparison.

Otherwise you could arrange for an independent valuation.

How to make an offer:

• Know the process. Talk to your Colliers Agent about exactly what will happen on and before the deadline sale closing day.

• Talk to your Colliers Agent when formulating your offer. They can assist you in looking at comparable sales and provide information enabling you to make an offer you’re comfortable is the current market value.

• Consider your conditions carefully. Where possible it’s best to minimise the conditions on a deadline sale offer, however it’s also advisable to not spend a large amount in advance when there is a chance your offer may not be selected. Balance is the key.

Offers to be submitted to Colliers Sole Agents by 4pm, Friday 14 October 2022.