Expiry Dates on Offers to Purchase

 

When you make an offer to purchase a property you need to decide whether to include a date and time when your offer will expire. Expired offers are automatically withdrawn, whether the other party has considered it or not.

Your real estate professional can tell you advantages and disadvantages of the inclusion of an expiry date, but it is up to you to make a decision about how you wish to proceed.

Including an expiry date

Advantages

Disadvantages

If you do include an expiry date, and you’re worried that the other party may not have enough time to fully consider your offer, ask your real estate representative to advise the other party that the expiry date is extendable.

Your real estate professional will help you decide the best date and time for an expiry.

Not including an expiry date

Advantages

Disadvantages

If you don’t want to include an expiry date, ask your real estate professional about a follow-up system that would allow the offer and counter to be formally withdrawn.

These same advantages and disadvantages also apply to offers/counter offers to lease.

 

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