Featured Post

Open House Concerns

Q -  Recently in the news there was a report about property being stolen at an Open House.  Is this a common occurrence and can anything ...

4/19/13

Irrevocable Time

Q - What does 'irrevocable time' mean in a real estate context?

A - When you make an offer on a property, you don't want the offer to be open or valid forever so, therefore, you place a time limit on the offer.  Your real estate agent can make a suggestion regarding a time frame.  The time can be as short as an hour or two or a day or two or even longer under special circumstances. The actual time and date are written into the offer as the irrevocable time frame.  That means that the offer cannot be revoked or changed in any manner, by the one making the offer.  If, during this period, the offer is not accepted, it then becomes null and void.

The receiving person of the offer can accept the offer within the irrevocable time frame or make a counter offer.  Any change made to the contract will turn it into a counter offer.  The person making the counter offer can also specify an irrevocable time and date.  If the counter offer is not accepted or countered again within the irrevocable time frame, then it becomes null and void.

No comments:

Post a Comment