BNI Growth Partners Power Team
Guide To
Home Purchasing
Step 3 - The Attorney Review
Now that you have agreed to a price and other terms, and
both parties have signed and initialed the final agreement the clock has started
to run. You have 3 days to have your attorney start the review process and
to respond to the contract in writing to the other party's attorney. Stay in
close contact with your lawyer during this time and expect your lawyer to make
changes to the contract on your behalf. Your lawyer will in all likely hood make
changes relevant to the type of property you are purchasing. For example:
-
If a condominium is being purchased, the attorney may
address; wanting to review the budget of the condo association, request a
copy of the bylaws, want to know if there are or are planned assessments,
verify the maintenance fees, and so on.
-
If a fee simple private home, the attorney may want to
know about any easements on the property, if there is an abandoned oil tank,
if has a septic, is the septic certified by the town for the number of
bedrooms the property has, and so on.
The attorney will communicate to the other party’s lawyer
that the contract is no longer valid unless these additional terms are accepted.
Once your lawyer has done this, the contract is no longer
accepted, and the two party's attorneys will iron out the details that may be
specific about the property, your / their circumstances and put in other items
that your lawyer feels is important. Once this process is completed you will in
all likelihood be “Under Contract”.
Relevant BNI Growth Partners Real
Estate Power Team Members Are:
Real Estate Transaction Lawyer,
Real Estate Agent
