Level 3 - St Albans

Question 1

What is the difference between informal and formal tender

Question 2

What happens in between exchange and completion?

Question 3

Does the vendor have to accept the highest offer?

Question 4

What does informal tender do?

Answer 4

it helps generate competition amongst bidders.
ultimate goal is to achieve a better price than a private treaty process which informal tender allows.

Question 5

Have you dealt with a formal tender process?

Answer 5

I have not but I am familiar that it is a sealed best bids process process.

Question 6

What is the one key difference in the way that bids are submitted?

Answer 6

Formal tender is a sealed bids process and informal tender is a best bids process.

Question 7

other formal tender

Answer 7

you are submitting a bid essentially saying you can exchange then and there with the intention they can exchnage now with that offer.

Question 8

When would you consider using formal tender?

Answer 8

You could use when there is a special purchaser

Because you only have one bid people put their best foot forward

Question 9

Please can you give an example

Answer 9

if you are selling a property and