Public tender
A public tender is a formal sales process in which a property owner (individual, bank, or municipality) invites competing bids from an unlimited pool of potential buyers. All participants submit confidential written offers simultaneously within a defined timeframe and according to established rules.
This method ensures fairness and market transparency through several standard steps:
- Property inspections are scheduled in advance
- Bid submission period is clearly specified
- The highest qualifying bid typically wins the lot
- Results are publicly disclosed
Public tenders are commonly used in distressed sales, insolvencies, estate clearances, and institutional real estate transactions across the commercial sector.
