M&Co. Seller Center » Going Under Contract » Navigating Attorney Review
Navigating Attorney Review
The attorney’s role is to protect your best interests throughout the rest of this transaction. They will review and make any necessary modifications to the contract and paperwork related to the sale, ensure tax prorations are fair, help negotiate inspection repairs or credits, & more.
Attorney Review Timeline
There is a 5-business day window for the buyer’s attorney to send out the initial attorney review letter. It is very rare to actually complete attorney review/inspection negotiations during those 5 business days. Once the initial letter is out, negotiations are typically open-ended until all issues are resolved, or until it is clear that a resolution cannot be reached and one of the parties cancels the contract.
If the buyer is not able to conduct an inspection or receive the report during this timeframe, their attorney can request an extension. As the seller, you can accept the extension or cancel the contract. During busy season, inspectors can get booked up, so it’s not unusual for buyers to request a brief extension.
There is no set timeline for a response and negotiations are typically open-ended, at this point. However, it is common to see a response in 1-3 business days, depending on the complexity of the letter & requests.
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