Sarah submits an offer on a property at 2:00 PM with a 6:00 PM irrevocable time. At 5:30 PM, she wants to withdraw her offer. Can she do this?
Correct Answer
C) No, she cannot withdraw during the irrevocable period
During the irrevocable period, the buyer cannot unilaterally withdraw their offer - it remains open and binding until the specified time expires. The irrevocable period is designed to give the seller time to consider the offer without worrying about it being withdrawn.
Why This Is the Correct Answer
Option C is correct because during an irrevocable period, the offer becomes legally binding on the buyer and cannot be unilaterally withdrawn. The irrevocable time creates a firm commitment period where the seller has exclusive time to consider the offer without risk of withdrawal. Sarah's offer remains open and enforceable until 6:00 PM, regardless of her desire to withdraw at 5:30 PM. This protects the seller's position and ensures offer stability.
Why the Other Options Are Wrong
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Sarah is a real estate agent representing both the buyer and seller in the same transaction. What type of representation is this called and what must she do?
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Sarah's buyer salesperson works for a brokerage that does not use designated representation. Sarah wants to make an offer on a home the same brokerage has listed for a seller client. If the brokerage represents both Sarah and the seller in this trade, what situation is created?