The deadline date is included in the agreement.
The buyer stipulates the deadline date which the seller has to accept.
If no deadline date is stipulated, the Offer to Purchase will be valid for what is termed “a reasonable period”.
It’s best to avoid this ambiguity by stipulating a deadline date.
Buyers need to be aware of the 72-hour clause.
This stipulates that the seller can continue marketing the property, and can accept a better offer, but only after providing the buyer 72 hours to meet their obligations.
If the buyer does so within 72 hours then the seller cannot accept a rival offer.