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Real estate negotiations often turn on one detail: time. Consider this example — a buyer submits an offer on a Fort Erie home for $495,000 with a 48-hour irrevocable. The seller counters at $506,500, valid until 6:00 p.m. the next day. The buyer hesitates, lets the deadline expire, and loses the home when new offers arrive.
Once an irrevocable period expires, the offer is legally dead. This is true even if the buyer later agrees to the seller’s terms. In multiple-offer situations, sellers may receive several new offers once the window closes, leaving the first buyer out of contention.
Deadlines are firm for a reason — they keep transactions organized and fair. However, it’s also important for sellers to be realistic with timing. If an irrevocable is too short, they risk missing qualified buyers who need more time to review. If too long, it may limit flexibility in fast-moving markets.
Buyers and sellers both benefit from working with experienced agents who explain how these clauses function and ensure everyone stays within timelines.
