The window of time during which an offer cannot be withdrawn by the party who submitted it. When you make an offer and set it as irrevocable until a specific date and time, you're locked in until then. The seller can accept, reject, or counter during this period, but you can't take your offer back.
Why It Matters
Setting the right irrevocable period is a strategic decision. Too short and the seller might not have time to consider it. Too long and you're stuck waiting while other properties slip away. Your agent will help you calibrate this based on the situation.
Real-World Example
You submit an offer on a townhouse in Mimico at 3 PM on a Thursday, set as irrevocable until 11:59 PM that same day. The seller's agent receives the offer, but the seller is at work and cannot review it until evening. At 9 PM, the seller counters your price. Because the irrevocable period has not expired, your original offer is still on the table for the seller to work with -- but the counter effectively replaces it with a new negotiation.
Ontario & GTA Context
In Ontario, the irrevocable period is specified in the OREA standard offer form with both a date and time. Once the irrevocable period expires without acceptance, the offer is dead and the deposit (if submitted) is returned. Under TRESA, agents must ensure buyers understand that they cannot withdraw during the irrevocable window.
How It Works in Practice
On offer night in the GTA, irrevocable periods are typically set to expire that same evening (e.g., 11:59 PM). For bully offers submitted before offer night, a shorter irrevocable period of a few hours creates urgency for the seller to respond quickly.
Common Questions
Can I withdraw my offer during the irrevocable period?▾
What happens when the irrevocable period expires?▾
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