Irrevocable period철회 불가 기간 (오퍼 유효 시간)

What is it?

An offer has a box that says “this offer is irrevocable until (date and time)”. The side that signed the offer cannot take it back before that time, and the other side has until then to decide whether to accept.

Accepting means signing the offer and delivering it back to the side that made it. Delivery must also happen before the deadline. Once the time passes, the offer automatically dies and neither side owes the other anything.

People sometimes call it the “offer expiry time”. That is close, but the real meaning is “cannot be withdrawn”: it is the time during which the side that made the offer is locked in.

Why does it exist?

A seller needs time to read the offer and talk to a lawyer or family. It would be unfair if the buyer could say “never mind” in the middle of that. The irrevocable period is a promise to the other side: “my offer stays on the table until this time.”

It also protects the side that made the offer, because they are not locked in forever. When the time passes they are free to make an offer on another home.

How long should it be?

No law sets the length. The side writing the offer chooses it, and it depends on the situation. It is usually kept short; it may be a little longer if the seller is far away or there are several sellers. Decide the exact time with your agent.

Write the time of day (a.m. or p.m.), not just the date. Weekends and holidays count. Be careful with a long irrevocable time: it lets the seller hold your offer like insurance while waiting for a better one.

When the seller signs back (counter-offers), the seller writes a new irrevocable time. Check that it gives you enough time to decide.

Offer dates and competing offers

In a hot market a seller may decide to review all offers at a set time, for example “Thursday at 7 p.m.”. This is called an offer date or a delayed offer presentation. The law says an agent must pass offers to the seller as soon as possible, but the seller can give clear written direction to wait until that date.

Offers made on an offer date usually carry an irrevocable time that night or the next day. When there are competing offers, the seller’s agent must tell every buyer who made a written offer how many offers there are.

An offer made before the offer date with a very short irrevocable time, to force a quick decision, is called a bully offer (a pre-emptive offer). RECO requires the seller’s agent to get the seller’s written direction in advance on whether such offers will be looked at, and to notify in writing everyone who has shown interest if that direction changes.

A sign-back restarts the clock

If the seller changes the price or a date and sends the offer back, that is a new offer with its own new irrevocable time. The original offer’s time no longer matters. Now the buyer must accept within the new time.

However many times the paper goes back and forth, the rule is the same: the side that signed last sets the irrevocable time, and the other side must sign and return it within that time for a contract to form.

What happens when it expires?

• The offer is dead. If the seller signs late, there is no automatic contract. To continue, a new offer (or a document with a new irrevocable time) must be signed.
• If the seller signed in time but delivery was late, there can be a dispute. Keep a record of how and when the signed copy was sent (email, fax). If in doubt, ask a lawyer.
• Once free, you can still make a fresh offer on the same home if you want it.

What to watch out for

• During the irrevocable time you cannot pull your offer, even if you change your mind. Be sure about the price, conditions and deposit before you sign.
• Pick a time when people can be reached, rather than an odd hour like 11:59 p.m., to avoid delivery problems.
• The signed copy counts as delivered only if it is sent the way the notices clause in the contract allows. Check that the email address or fax number is correct.
• If the seller changes the offer date or decides to look at a bully offer, it is the seller’s agent’s duty to notify everyone who showed interest. Ask your agent to pass any such notice to you right away.

Example