When making an Offer to purchase a property, the Offer is submitted by the buyer (or the buyer’s agent), allowing a defined amount of time for it to be considered by the seller. During that time, the buyer cannot alter or withdraw the Offer. The buyer commits to uphold the agreement until the irrevocable date and time as stated in the contract.
During that time, the seller can accept the Offer, reject the Offer or sign back the Offer, with adjusted terms. If the Offer is signed back, the seller then gives the buyer a defined time to respond. Realtors frequently refer to this as “the irrevocable”.
If no response is communicated in writing by the irrevocable deadline, the agreement automatically dies.
So if you are in negotiations to purchase or sell a property, it is extremely important that you make yourself available to sign documents in a timely manner!
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