There are a variety of ways to sell your property. At Cruso & Wilkin, we know it is important that all the available selling methods are explored to ensure that the method of sale is tailored to suit your needs.
At Cruso & Wilkin, we will advise on the most appropriate sale method-whether you have an open market sale or you prefer a more discreet and private sale, we will be able to guide you through the process from the early stages right through to completion.
The majority of land and property in England is sold by private treaty. Selling by private treaty allows the vendor and purchaser flexibility. During the sale process, viewings will be undertaken and offers put in. The vendor will review the offers and decide what offer if any to accept. Best and Final offers may be used to draw the sale to a close.
Selling by auction is used by vendors that are looking for a secure and fast sale and the best price on the day. When the property is to be sold by auction, a confidential reserve price is set, the property is marketed for a concentrated period. Assuming that the property reaches the reserve, when the hammer falls- a legally binding contract is formed and the sale exchanges with completion usually occurring 28 days after the auction.
Property is marketed with a date by which offers must be submitted by a bidder with written offers being invited as sealed bids. All offers are opened together on a published day/time. The vendor does not have to accept the highest or any offer. The offer is not binding and is subject to contract.
Property sold by formal tender invites offers to be submitted by a bidder by a specific date. Offers are received in sealed envelopes and all the offers are opened together on a published day/time. Each tender document from the bidders must include the full legal contract of sale and all bids have to include a banker’s draft as a deposit on the contract. As soon as the best bid is selected-the bankers draft will be accepted and the contracts will automatically exchange.
Formal tenders are rarely used due to their complexity.