Competing Offers

Is when you are expecting more than one offer on the property.  In the interests of utter fairness all parties are given the same opportunity to submit their best offer. Best of luck.

The Clause to add to the Sale and Purchase Agreement is this:

Multiple Offer

The Purchaser acknowledges that the following paragraphs have been read and are understood.

1. We understand that there is more than one party interested in purchasing the property described herein.
2. That I/we have been advised to put my/our highest and best offer in writing for presentation to the Vendor.
3. That my/our offer and any other offers will be presented at the same time to the Vendor.
4. That the Vendor may accept or reject an offer at their sole discretion.
5. That the Vendor may counter-offer and negotiate with one, and only one, of the Purchasers at the sole choice and discretion of the Vendor.

Notes

Prepare your offer with minimum terms.

Everyone gets the opportunity in the interests of fairness to submit their price within a reasonable timeframe.  We hope this assists you in securing this property that you have expressed an interest in.

Put your best price forward.

You may not get another opportunity.

Confidentiality

We cannot tell you what the other offers are, as we cannot tell them what yours is. We often don't know what the other purchasers will do. We suggest you put your best price forward.

How we present the offers

So long as we receive your offer by the appointed time, your offer will be presented at the same time as all the other offers are received.

What might suit the Vendor

Price, possession dates, minimum conditions or perhaps cash.

How might the Vendor respond

After advice the Vendor may respond by;

• Accepting the most favorable offer
• Refusing all offers 
•  Counter-offering one of the offers
• After accepting an offer ask that a second offer be the " backup "

Acknowledgment

Before we present your offer we require acknowledgment regarding the process that will be used or/and we insert the Multiple Offer clause shown above into the Sale and Purchase Agreement acknowledging the process.

It is hereby acknowledged by 

______________________________________________

Being the Purchaser/s making an offer on the property situated at

_______________________________________________

That the Agent has made us aware that there is another offer being made on the property and we further acknowledge that the offer we have made is our best offer and we have been made aware we may not have a chance to make a better offer.

The Purchaser/s,

___________________________________________________________________

DATED THIS ___________________ DAY OF________________________ 20______

IN THE PRESENCE OF  ______________________________________