When doing an amendment during the conditional period, it’s important to ensure the irrevocable on the amendment is before the irrevocable in the condition.

Consider a situation in which your offer is conditional until 6:00 pm today on inspection, and the inspection, which has just been completed today at 2:00 pm, reveals deficiencies. The buyer either wants either a reduction in price or for the seller to complete repairs prior to completion so you prepare an amendment. The irrevocable on the amendment should be well in advance of 6:00 pm (the condition expiry time). The deal dies at 6:00 if the seller does not sign the amendment before then and your buyer did not fulfill or waive the condition.

If the irrevocable on the amendment is, say, 5:00 pm, and the seller does not sign it by then, your buyer will still have the opportunity to firm it up (fulfill or waive) before 6:00 pm, if they so choose. Waiting until after 6:00 pm means the deal is now dead and your buyer may lose the deal-especially in this market where the seller may now have another offer to entertain.