What does an irrevocable date mean?
Irrevocable is known as something irreversible or conclusive. An irrevocable date means that the offer on the property cannot be altered by the party that submitted it until the specified date and time indicated. Once the irrevocable day and time have passed and supposing no transaction or activity has taken place over that offer, the offer becomes null and void.
An irrevocable period can be set as long as the offering party wants; 24 hours, 3 days, a week, etc.
Can multiple offers be submitted?
Submitting a handful of offers only to buy a single property can be a perilous thing as it would bind you and may get you in trouble. If you’re interested in buying multiple properties, only then many offers can be submitted.
Different cases with offers
1. Counter Offer
An offer may result in some bargain which would negotiate over the price, terms and conditions, contract completion date, etc. After the offer has been countered, the irrevocable date and time may stay the same with the word ‘buyer’ being replaced with the seller, keeping the offer valid and active. The offer can also be altered in terms of increasing the time/date for the buyer so one can decide and respond to the counteroffer.
2. Overdue Acceptance
If the offer has passed its irrevocable date, it still does not mean that the transaction cannot happen. If the seller accepts and sends it back, you as a buyer are not committed to receiving the offer. It is now in your hands to either accept the offer or reject it.
3. Acceptance of the offer
Acceptance of the offer within the irrevocable date/time means that you have a deal