What is the Deadline on my offer of Purchase?
So the other say as I was preparing the offer or in other words as we call in in BC real Estate, Contract of Purchase and Sale (CPS), I started explaining every note on the pre-drafted contract.
On the last page of the contract, clause 24, it states:
24. This offer, or counter offer, will be open for acceptance until ------ o’clock ----------, ------------yr, (unless withdrawn in writing with notification to the other party of such revocation prior to notification of its acceptance), and upon acceptance of the offer, or counter offer, by accepting in writing and notifying the other party of such acceptance, there will be a binding contract of Purchase and Sale on the terms and conditions set forth.
The entire thing simply means the offer and counter offer is presented to the sellers is on a ticking time for their response until a certain deadline. Which this also continues that when it is accepted, it should be immediately communicated with the offeror the same way the original offer was communicated and sent.
What happens if the seller changes a small subject and or condition on this contract before accepting? This CPS offer completely becomes a new offer with a new deadline again from the seller side. Although it is a counter offer, but the original offer was changed and altered, hence it is a new offer for the buyers to consider now, therefore the sellers in their counter offer can revise the time and extend it since it practically is a new contract.
So in the offer and counter offer situation, the time of acceptance and the deadline is only effective if the contract is accepted exactly as it is without any changes in any part.
Understanding what you’re signing in a real estate transaction is crucial and important. Although you’re trusting the ability and skills of your Vancouver Realtor, it is yet their responsibility to have your informed consent and you fully comprehend and understand the whole process and paperwork.
In addition to proudly work as Realtor and being a member of Greater Vancouver Real Estate Board, I also have studied and obtained my broker license as an Associate Broker, which gives me competitive advantage of knowledge and furthering my education is real estate.
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