Offers aren’t indefinite. You aren’t waiting to hear yes or no and stuck bound to the contract you signed.

Whether you’re offering to buy or to lease, there is an item called the ‘irrevocable’ that stipulates how long the offer is good for. This is important for everyone involved in a real estate transaction to thoroughly understand.

The length of your irrevocable depends on many different factors that will be discussed below.

For purposes of this post and all offer paperwork, Seller refers to both Sellers and Landlords; Buyer refers to both Buyers and Tenants.

• states an exact time and date that your offer expires. During the period from when you sign an offer to that irrevocable – you cannot revoke your offer. You are bound to it if the Seller accepts.

Example

The below screenshot is of the irrevocability section on an offer. This can be an offer to buy or to lease. It covers the following criteria:

• who cannot revoke the offer
  (this generally starts off with the Buyer; if the offer is sent back with different terms, it would be crossed off and Seller would be selected)
• time the offer is valid until
• specified date the offer is valid until

Can I Submit Multiple Offers?

No. Unless you’re willing to take on both properties. If you’ve submitted an offer and it is accepted within the irrevocable period you are contractually bound. Submitting more than one offer when you only need one property is a huge risk you should never take.

An Accepted Offer

If an offer is accepted within the irrevocable period then you have a firm deal and binding contract. Congratulations!

A Counter Offer

Many offers result in negotiations. Often this means your offer was sent back with different terms. It could be a different dollar amount, different closing date, different agreement terms or many other things.

If an offer is countered the irrevocable will either:

Stay The Same

– date and time will remain, but it will be applicable for the seller now, not you as buyer

The word ‘Buyer’ will be crossed off and the word ‘Seller’ will be added and initialed.

 Be Extended

– depending on when you receive the counter offer, the seller may extend the irrevocable to give you enough time to answer

The word ‘Buyer’ will be crossed off and the word ‘Seller’ will be added. The same will happen for either the date and/or time. All changes will be individually initialled by the Seller. 

When an offer is countered – the Seller is essentially ‘offering’ to the Buyer. The balls now in your court.

A Late Acceptance

If the irrevocable expires that doesn’t mean the deal is dead. It means you are no longer obligated to agree if the Seller still sends it back signed and accepted.

If they accept it after the irrevocable it will be up to you as the Buyer to sign the final Confirmation of Acceptance if you still want to go ahead with the deal.

How Long Is A Typical Irrevocable Period?

The irrevocable period depends on many factors. Sometimes the listing will specify a preferred length of time such as 24 or 48 hours. That doesn’t mean you have to provide that length of time, but it is the Seller’s preference.

If it stipulates a reason, such as Seller out of country or Seller works shift work, then you probably don’t want to stray too much from their request.

The most important factor is what works for you. If there’s another property you have your eye on, you don’t want to lose it because you’re tied up in a 3 or 4 day irrevocable on another property.

A typical length of time for leases is 24 hours. It varies more significantly when its a purchase.

If you are the only offer then you have flexibility to provide the amount of time that works for you. You want to make sure not to offend the Sellers by only giving them a few hours, but also not drag out the process giving them time to potentially draw more offers in.

Multiple Offers & Offer Nights

When a property has a specified offer date and time, the irrevocable doesn’t need to be as long. They may ask you register an offer by 5pm and let all agents know they’ll be presenting offers to their Seller clients at 7pm.

In this case including an irrevocable that’s valid for a few hours – maybe until 11pm – is completely reasonable. You know they’ll be reviewing all of the offers at 7pm and the process shouldn’t take more than a few hours.

Ultimately you want to make sure you’re giving Sellers enough time to review your offer without feeling pressured. You also don’t want to give so much time they can leverage your offer to drive up the price or more offers.

Every scenario can vary drastically so it is always best to discuss your options with your real estate agent!

Happy Buying 🙂

You made it to the end! THANK YOU!!
If you’re not exceptionally bored by my run-on sentences and bad humour, keep reading! 
My other blogs cover topics on Real Estate, Home Design and Decor, as well as the C0mmunity. 

For updates on new Blogs, Home Improvement Tips, A Community Spotlight and Real Estate FAQ’s, sign up for my Newsletter! I only send it out once a month. 
(Naturally, there is a market update too!)

You might think you’re fine; you also might be fine. But the affects of COVID-19 could mean there’s a long road ahead and it’s important to preserve that “fine”.

It’s also okay not to be fine. Few of us are.

I have fine days and not fine days. But every day I try to practice a few things to make sure I’m taking care of myself.

These might be suggestions you’ve heard a bunch of times. I have no doubt they’re all on a meme on instagram, twitter or both… But I believe in them and that’s why I found it important to share my 5 ways to stay sane during COVID-19.

I’m not one to watch the news on a regular basis, but I’m living with my boyfriend and he’s obsessed. If CNN isn’t blaring Trump’s voice first thing in the morning, he’s scrolling twitter for news updates or sending me instagram posts of breaking news.

I. Can’t. Do. It.

And that’s okay.

Yes, I want to know what’s going on in the world. Yes, I need to know what’s happening in Toronto and make sure I’m updated. But I can’t handle being inundated with pandemic updates. And that’s okay.

Check in once a day (or twice if you want), to stay informed. Sure, even watch government announcements. But stay mindful of how it’s affecting your mental health and adjust accordingly. It’s a lot to take in and process. You need to save space in your mind to actually deal with the information you’re taking in.

Not everyone has the privilege of living in a house with a backyard or being at their cottage to self isolate. Most people don’t have a large outdoor space to take in rays of sunshine. I’m in a condo and very lucky to have a large balcony.

There are always ways to get fresh air and some vitamin D though.

Suggestions

• Take A Walk
  Change it up if you’re bored of your route after a few days. Drive to a different neighbourhood for a change of scenery if you want. Just stay away from parks, boardwalks and especially people.
• Create A Balcony Retreat
  I never used to spend a lot of time on my balcony, but I do now! I’ve done my spring cleaning early and even brought my yoga mat outside for some mid-day meditating yesterday.
• Keep The Windows Open
  It can get stuffy fast; especially if you’re living with multiple people… Keep fresh air flowing through your home to break it up!
• Eat Outside
  It’s still a little cold but nothing a hoodie and blanket won’t fix. Have your morning coffee outside or take a lunch break on your porch. It might seem small and insignificant, but it will make a huge difference in your emotional well-being.

Everyone is coping in different ways because everyone is faced with different stressors and situations.

Some are still working, or working even more. Some are essential workers scared for their lives. Others have family members or loved ones that are essential workers and they’re scared in an entirely different capacity. Some are balancing working and full time parenting or home schooling. Personally, my anxiety is heightened and I’m struggling to self motivate.

Everyone has new challenges. Everyone is adapting. Not everyone has this “time” being thrown around.

If you’re able to start a business, workout every day or write that book you’ve been dreaming about then that is honestly completely amazing. I barely have the energy to do my laundry.

What I do know, is that “me time” is integral. And I won’t feel guilty for taking it.

Doing something for you isn’t doing something productive. Get that straight now. Doing something for you is doing something you want to do just because you want to do it. NOT because it’s productive. If it’s both, great. If it’s not, great.

Sit and stare at the wall for an hour, analyzing your wallpaper if you want. I don’t care what you do… but do it because you want to do it.

What I do know, is that “me time” is integral. And I won’t feel guilty for taking it.

Support is important always. It’s especially important during physical isolation. Your day to day is a completely new routine, but that doesn’t mean you should be isolating yourself from everyone. You still need that support and it can come in many forms.

Suggestions

• Have one-on-one FaceTime calls
• Schedule group Zoom chats
• Schedule games night on Zoom group chats
• Download the GamePigeon app to play games through iMessage
• Collaborate on ideas, plans or work; work together with someone
• Watch a movie using Netflix Party

Everyone is responding to this pandemic in different ways. The one constant is that we all need to preserve our mental health. That takes a different form for everyone and maintaining it is different for everyone. But whatever you do, make sure you’re listening to what your needs are right now. Make sure you make time for you.

If you have suggestions for other tips that have helped you stay sane I’d love to hear about them in the comments!

You made it to the end! THANK YOU!!
If you’re not exceptionally bored by my run-on sentences and bad humour, keep reading! 
My other blogs cover topics on Real Estate, Home Design and Decor, as well as the C0mmunity. 

For updates on new Blogs, Home Improvement Tips, A Community Spotlight and Real Estate FAQ’s, sign up for my Newsletter! I only send it out once a month. 
(Naturally, there is a market update too!)