In this article, our Champaign HOA attorneys explain the process that occurs after the initial purchase contract and price are agreed upon and signed by the buyers and sellers of a home. We’ll cover some of the complications that can arise during the attorney review period and discuss what’s commonly including in the attorney modification letter. When you sell or purchase a home, your realtor will usually present you with a widely used form contract. The realtor will have the ability to customize that form to fit your needs. The contract will typically provide that each party's attorney will have 5 business days to (1) approve the contract, (2) reject the contract, or (3) negotiate modifications to the contract.
During this 5 day period, the contract is contingent upon attorney approval. If your attorney fails to reject or seek to modify the contract within the 5 day period, the contract will automatically be binding upon you after the 5 day period expires.