- 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.
- Does that mean that the seller is unable to change his mind before the irrevocable date like the situation below?
- 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?
- 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?
- Yes, the Offer was already ACCEPTED, we have a “deal”,
- ACCEPTANCE means you have a “deal”,
- 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