In this episode (#164) of KT Confidential, The Real Estate Podcast, Adrian and Ariel talk about what exactly an irrevocable period represents. An offer, acceptance, and consideration are all required for a legally enforceable contract. In general, until an offer is retracted, it can be accepted at any moment. All Purchase and Sale Agreements should include a clause known as the “Irrevocable” clause in order to prevent an offer from becoming available for acceptance.
All of that and more on KT Confidential – The Real Estate Podcast.
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Episode Breakdown:
00:00 – Intro
05:38 – Real Estate Market during the Holidays
10:30 – Holding Properties
13:16 – What is an Irrevocable Section
24:12 – Amazing Offer + Short Irrevocable Time
32:58 – Competing with other Offers
36:35 – Multiple Offers
43:19 – Form 244
49:38 – Outro
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Watch the previous episode here
Catch clips and highlights of the show here
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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two, compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.
