The majority of land in England and Wales is sold by Private Treaty. With this method of land sale, the land is marketed initially for an open ended period of time. During the sale process a written “Expression of Interest” or an invited viewing may be requested so as to filter the prospective buyers.
A “Best and Final” price may be requested from the prospective purchasers as a way of “drawing to a close” the sale. The request for the “Best and Final” price can be very formal with sealed bids, or can be relatively informal, implying further negotiation and “Dutch auction”.
Note – A Dutch Auction is a form of auction is one where the auctioneer starts with a high asking price, which is then lowered until a bidder accepts the auctioneer’s price. This is a quick way of auctioning goods, since a sale only requires one bid.