A deadline is an internal Leaders system formulated to handle multiple offers for a property.

If there is more than one purchaser interested in the property a deadline ensures that all interested purchasers are given the opportunity of having their offer presented to the vendor at the same time.

A deadline is called when a signed offer is received from a purchaser. Other purchasers who have registered their interest in the property will then be notified and given the opportunity of also signing an offer. A deadline has a minimum duration of 4 hours after it is called, thus giving all interested purchasers time.

The agents involved do not know the contents of offers other than their own. The agents do not show the contents of individual offers to other purchasers. The vendor may request advice from the listing agent or the manager.

If you are a purchaser in a deadline situation:

• You are well advised to put your best offer forward.
• You may have not further opportunity to review the amount of your offer.
• You are in a competitive bidding situation.
• The Vendor may accept or reject any offer at the Vendor's sole option.
• The terms and conditions of your offer will remain confidential.
• Your offer and other offers will be presented at the same time to the Vendor by the salesperson's manager or independent nominee.

The vendor has the following options when receiving multiple offers:

• They can accept any offer.
• They can negotiate any offer.
• They can call another deadline (if offers are very similar and they cannot choose).
• They do not have to accept any offer.

If you are the vendor receiving multiple offers on your property in a deadline be aware that all purchasers have been advised to put in their best offer.