Question:
There seems to be a lot of confusion regarding an irrevocable in an offer. Here’s the dilemma.
An offer is written with an irrevocable tonight at 7:00 pm. It’s presented by the Buyer’s agent at 3:00 pm and the Seller’s agent presents the offer to Seller however at 7:30 pm the Seller says they want to think about the Offer over night.
The issue is, is it a dead offer at 7:00 pm or some are saying that if they hang on to it and return it the next morning changing the price then that Offer would still be considered active.
Some say you can’t accept and acknowledge the Offer as it was presented because then it’s considered a dead deal, however if you come back with a different price that would be considered ok and would be treated as a new offer.
Answer:
It expired at 7:00 pm. After that time it’s too late to accept.
Offers are not alive or dead. That’s a fictional misdescription.
You can pick up the old paperwork a month from now, change the dates and make the new Offer from the Seller to the Buyer. It might be sloppy paperwork but it’s still a new Offer.
Negotiations are revived, not the Offer.
Brian Madigan LL.B., Broker