Importance of purchase bid open stated period
The state uses the purchase bid as an instrument to procure the money that was lent to the owner of the property. The bidding process can be started by the owner who is unable to find a suitable buyer for his or her property. The purchase bid is a legally binding document that s signed between the bidder and the seller. This document states that there is a sale purchase contract between the two parties and that both of them agree to the terms and conditions of the seller.
The purchase bid open stated period is the period in which the seller as well as the bidder get a time to think over the deal and after that time is over the deal is considered done unless the seller rejects the offer made by the bidder or the bidder goes back on his decision.
The document must have the signature of the seller as well as the bidder with date. Along with the two main parties there is also a requirement of a witness who will sign the document as a proof of the deal between the two parties.
The open stated period is in favour of both the seller as well as the bidder because both of them can rethink over the deal and make the final decision in the best of their interest.
The document must have the exact description of the property along with its location and dimensions so that there remains no confusion on the part of the buyer or the bidder.
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