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Creating the Revocable Offer (for Toronto Bidding Wars)
Creating the Revocable Offer
Working Twice as hard on Bidding War Night
From time to time, particularly in heated real estate markets it may be wise to draft a revocable Offer, that is, one which may be withdrawn prior to acceptance.
Why?
A better deal may come along!
Consider Bob the Buyer, who wishes to submit Offers on both 123 Main Street and 456 Yonge Street on the same evening. The first property is holding presentations at 7:00 pm and the second is starting at 9:00 pm.
Bob wants to submit Offers on both properties. Bob’s preference would be the first property. If he wins, and he certainly hopes that he does, he doesn’t want to have an Offer for the second property which could be accepted. Documents are prepared. The first Offer follows the regular format, but some changes will be required for the second Offer.
Offer on Second property
There are several issues which must be addressed:
1)    Offer time period,
2)    Irrevocability of Offer, and
3)    The “seal”.
So, this should be simple enough.
Offer Time Period
Restrict the Offer time period for acceptance. You could delay the commencement of the “acceptance time”. It doesn’t have to begin when it’s delivered. It could be open “after 9:00 pm”. This way, you should ... more

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