What is irrevocable?
To say that something is irrevocable means that it cannot be changed, reversed or recovered. It is final.
What is irrevocable in real estate?
There are several instances where this term applies in real estate, either commercial or residential.
Irrevocable trust – whereby an entity gives real estate into the care and administration of a trust. If the owner is neither beneficiary, nor trustee of that that trust, the owner is essentially giving away that property.
Irrevocable offer – an offer to sell or to buy that is made “as is” (“take it or leave it”). When the offer is made, the contract may also specify an irrevocable time. If time is not specified in the contract, a reasonable period is assumed by law (this differs by jurisdiction). If the offer is withdrawn early, the offeror is liable for damages, as it constitutes a breach of contract.
Irrevocable time/Irrevocable period – amount of time that is reserved for a party to decide on whether accepting or declining an offer that was put forward. Irrevocable time is the deadline.
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