Answer:

  • Irrevocability is a term that you might need to know when buying or selling a property.
  • Irrevocable is defined as incapable of being recalled or revoked.
  • The Irrevocable clause states the time and the date the offer is good until.
  • When the time and the date pass, the offer becomes null and void.
  • For example, if the buyer makes an offer that is irrevocable by the buyer until 8 pm tomorrow night, the seller has to accept the offer by 8 pm tomorrow night or provide a counter-offer.