Now that a contract has been executed and earnest money dropped off, we are officially in the attorney review and inspection time period (A/I). What is the attorney review/inspection time period? During the attorney review/inspection time period, we conduct the inspection and negotiate any inspection issues. It is important to note, there is no timeframe for the sellers to respond to our attorney/inspection items. Sometimes they respond in a day, sometimes it takes a week or two if they need to get people out to give estimates for the repairs so they can figure how they are going to respond. It is best to hang tight and be patient at this time.
In addition, the attorney reviews the contract and negotiates any changes he or she wants made on the contract. Lastly, if you’re buying a condo, this is the time period when we review the building’s condo docs such as: their budget, Rules and Regulations, meeting minutes, etc. Usually this period is 7-10 business days (check the exact amount of time as negotiated in your purchase contract).
If we cannot get all of the above completed during the time frame agreed upon in the contract, the attorney can ask for an extension of the attorney review or inspection time period.
Once A/I has been satisfactorily closed, it will be time to drop off your second/final earnest money check. If you have questions, contact us!
