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
1,563,546
Michael Thornton
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspector - Nashville, TN area - 615.661.0297

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

Jan 29, 2011 08:50 AM #1
Rainmaker
1,473,402
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

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

Jan 29, 2011 09:26 AM #2
Rainmaker
1,231,002
Al & Peggy Cunningham Brokers, Brampton Ontario Homes For Sale 905-450-5500
RE/MAX Realty Services Inc. - Brampton, ON

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! 

Jan 29, 2011 06:38 PM #3
Ambassador
1,349,953
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

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

Jan 29, 2011 07:30 PM #4
Rainmaker
832,206
Marc Swartz, CPA, CA, Real Estate Broker
RE/MAX Vision Realty Inc., Brokerage, Direct: (416) 737-9800, Office: (416) 321-2228 - Toronto, ON
Toronto, Durham & York Regions, Ontario, Canada

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.

Jan 30, 2011 08:42 AM #5
Rainmaker
1,231,002
Al & Peggy Cunningham Brokers, Brampton Ontario Homes For Sale 905-450-5500
RE/MAX Realty Services Inc. - Brampton, ON

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!

Jan 30, 2011 09:33 AM #6
Ambassador
1,332,211
Silvia Dukes PA, REALTOR
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

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.

Jan 30, 2011 11:44 AM #7
Rainmaker
575,451
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

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

Jan 30, 2011 08:35 PM #8
Rainmaker
980,981
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

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.

Feb 02, 2011 03:49 PM #9
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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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