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

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Real Estate Agent with RE/MAX Realty Services Inc.

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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Ambassador
1,451,781
Michael Thornton
Home Inspector - Nashville, TN area - 615.661.0297
Complete Home Inspections, Inc.

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

January 29, 2011 08:50 AM
Rainmaker
1,338,965
Anita Clark
Realtor - Homes for Sale in Warner Robins GA
ColdwellBanker SSK Realtors ~ 478.960.8055

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

January 29, 2011 09:26 AM
Rainmaker
1,226,615
Al & Peggy Cunningham Brokers, Brampton Ontario Homes For Sale 905-450-5500
RE/MAX Realty Services Inc.

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! 

January 29, 2011 06:38 PM
Ambassador
1,319,372
Richard Iarossi
Crofton MD Real Estate, Annapolis MD Real Estate
Coldwell Banker Residential Brokerage

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

January 29, 2011 07:30 PM
Rainmaker
824,084
Marc Swartz
CPA, CA - Toronto, Durham & York Regions, Ontario

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.

January 30, 2011 08:42 AM
Rainmaker
1,226,615
Al & Peggy Cunningham Brokers, Brampton Ontario Homes For Sale 905-450-5500
RE/MAX Realty Services Inc.

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!

January 30, 2011 09:33 AM
Ambassador
1,259,283
Silvia Dukes PA, REALTOR
Florida Waterfront and Country Club Living
Tropic Shores Realty - Ich spreche Deutsch!

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.

January 30, 2011 11:44 AM
Rainmaker
563,324
Chris Smith
South Simcoe, Caledon, King, Orangeville Real Esta
Re/Max Chay Realty Inc., Brokerage

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

January 30, 2011 08:35 PM
Rainmaker
973,576
Sharon Alters
Your Fleming Island Relocation Agents.
Coldwell Banker Vanguard Realty

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.

February 02, 2011 03:49 PM
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Rainmaker
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Al & Peggy Cunningham Brokers, Brampton Ontario Homes For Sale 905-450-5500

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