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Term Definition
No asking price stated but offers are invited in writing.

There will be a set time and date for the offers to be opened and it will usually be in the presence of the vendor's solicitor.

It is important that the potential buyers have done there due diligence before hand and had appropriate surveys done etc, as normally an acceptance of an offer by the vendor constitutes an immediate contract.

It is also important from the vendor's point of view that they have reserved the right to refuse the highest offer.