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 Expired offers are automatically withdrawn, whether the other party has considered it or not.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
- creates a sense of immediacy
- offers with expiry dates may be considered before other offers
- removes the need to withdraw the offer
- may not allow sellers enough time to consider the offer
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
- allows the other party time to consider the offer
- allows the acceptance of the offer and/or counter at any time, even after you’ve moved on to another property
- allows the other party the opportunity to receive and consider other offers
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date, ask your real estate professional about a follow-up system that would allow the offer and counter to be formally withdrawn.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.