Al and Peggy's Corner: How Long Do I Have To Make My Mind Up In Brampton, Ontario, Canada

How Long Do I Have To Make My Mind Up In Brampton, Ontario, Canada

How Long Do I Have To Make My Mind Up In Brampton, Ontario, Canada

How long do we have to make up our minds about the offer? or When we will hear anything about the offer?
These are questions we often hear on an offer presentation.  While we believe in striking while the iron is hot, and giving the other party an answer as quickly as possible, the Agreement of Purchase and Sale (the offer) itself will answer that question.

Line 1 on the Agreement of Purchase and Sale will state date and time restrictions.
When a Buyer first submits an offer, they actually decide how long they will wait for the Sellers decision.  The Buyer is only committed to the offer until that time and date they insert on Line 1 as their irrevocable time line. Which means, they are bound to the offer until that time passes or the Seller changes it.    

Portion of Agreement of Purchase and Sale


During an offer, this irrevocable date can change many times by both the Buyer and Seller,
as the offer goes back and forth with each parties desires. The irrevocable date also requires that all necessary signatures and initials are on the offer before the time expires. 

How Long Do I Have To Make My Mind Up In Brampton, Ontario, Canada

 

 

 

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Al and Peggy CunninghamAl and Peggy Cunningham, Brokers

RE/MAX West Realty Inc., Brokerage
10473 Islington Ave., Kleinburg, ON  L0J1C0
905-450-5500

Email: TheHousePeopleTeam@gmail.com

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Comment balloon 9 commentsAl & Peggy Cunningham, Brokers • January 29 2011 08:48AM

Comments

Interesting topic. There are those out there that take forever to make the decision to make a decision...

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) over 7 years ago

It's like hitting a moving target that is constantly weaving and ducking.  Good answer Al/Peggy to an often asked question.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 7 years ago

LOL! You got that right Michael and many people and sometimes agents just don't understand what an irrevocable date is.

Thanks Anita, sometimes an irrevocable is just not taken seriously especially on amendments! 

Posted by Al & Peggy Cunningham, Brokers, Our Family Wants To Help Your Family! (RE/MAX West Realty Inc., Brokerage) over 7 years ago

Al and Peggy,

I always recommend to my buyers that insert a time frame in the offer. It can be a moving target, but at least its a target.

Rich

Posted by Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate (Coldwell Banker Residential Brokerage) over 7 years ago

Hi Al and Peggy - Some agents never change the irrevocable date and/or time as counter-offers fly back and forth.  Thus, in some cases, the time to respond becomes unnecessarily or impossibly tight, especially when dealing with multiple time zones, parties in numerous locations or other issues.

Posted by FN LN over 7 years ago

LOL yes Rich a moving target and sometimes one that goes in circles!

Those are good reasons to be aware once again of the irrevocable dates Marc. Although sometimes it is necessary to keep the time tight so as not to 'tie' up the property!

Posted by Al & Peggy Cunningham, Brokers, Our Family Wants To Help Your Family! (RE/MAX West Realty Inc., Brokerage) over 7 years ago

Al and Peggy, it's always interesting to see how it's done elsewhere!  There are times when it's not advisable to let too much time pass or the other party may have moved onto something else.

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) over 7 years ago

Al and Peggy, I like your series.  It is information most people want to know...

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) over 7 years ago

Al and Peggy, this is very good information about your contracts. As Silvia said, it's interesting to see how it's done in different areas, but I recommend a tight response time if I'm working with a Buyer so another contract doesn't come in and trump ours.

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 7 years ago

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