What is an irrevocable date?

The irrevocable date marks the point in time after which an offer to purchase a property can no longer be accepted. Once this deadline passes, the offer is dead, and the buyer has no obligation to proceed. It is typically set for a specific date and time, often 24 to 72 hours after the offer is submitted.

In London, Ontario real estate transactions, the irrevocable date serves as a critical control mechanism for both buyers and sellers. For buyers, it limits their exposure: they know exactly when they can withdraw an offer without penalty if the seller has not responded. For sellers, it creates urgency to decide whether to accept, reject, or counter the offer before the window closes.

The irrevocable date is distinct from conditions or inspection deadlines. Those refer to the buyer's right to walk away due to issues discovered during inspections or appraisals. The irrevocable date, by contrast, is purely about whether the seller has formally accepted the original offer on the terms presented.

Agents negotiating for buyers often set short irrevocable dates to pressure sellers into quick decisions. Sellers and their agents may counter by requesting extensions if they need more time to review comparable sales or consider multiple offers. This back-and-forth over the irrevocable date is one of the most common negotiation points in any transaction.