What is an Attorney Review?

Hello There,

Real estate transactions are primarily governed at the state level in the U.S. and, to add complexity to the business, real estate buying and selling can also be dictated by the local customs.  This is why it is so important to hire a realtor that understands the local customs!  A good realtor will be able to recommend local professionals that are knowledgeable where you are buying or selling homes.  One of the professionals that a prospective buyer or seller would need to hire is an attorney in New York State.  Once you have a signed contract, this contract should be reviewed by the attorney of your own choice.  Attorney review period typically lasts 3-5 days from the date of the signing of the contract.  Buyer's attorney will review the contract on behalf of the buyer and seller's attorney will review the contract on behalf of the sellers.  Once both attorneys approve the contract, now the contract becomes binding and both parties move forward in the transaction!  What if there arises an objection from either party?  Then both attorneys should negotiate the terms that are mutually agreeable.  If attorneys cannot come to a consensus, then either party can cancel the contract and the deposit should be returned to the buyer.  So you can see how important it is to hire an attorney who is knowledgeable of local customs and rules of real estate buying and selling!  

Wish you all the best in your real estate journey,

Young Jin Chun