Offer Withdrawal Before Irrevocable Expiration

Offers, Acceptance and the Irrevocable Period | Ontario Real Estate Source

Questions:

  1. A party ( buyer) making an offer cannot withdraw that offer once it has been accepted by the other party (the seller) and the acceptance is communicated back to the offeror, the buyer.
  2. Does that mean that the seller is unable to change his mind before the irrevocable date like the situation below?
  3. If the buyer offered the price of $1M for a property to seller, and seller accepted at beginning, and buyer received the acceptance from the seller, what is the status of the deal?
  4. But, after 2 days, seller regrets, he wants $1.1M from the buyer, can the seller make a counter offer to override previous offer before irrevocable date?

 Answers:

  1. True.
  2. Yes, the Offer was already ACCEPTED, we have a “deal”,
  3. ACCEPTANCE means you have a “deal”,
  4. No, we already had “acceptance”. This is just nonsense. The contract has been struck, the deal is “made”; we are no longer “negotiating”.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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