Once a contract has been executed and earnest money dropped off, you’ll officially be in the attorney review and inspection period (A/I). What is the attorney review/inspection period? During the attorney review/inspection period, we’ll take care of 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. We will be in communication and let you know as soon as we have new news.
Also, during this time the attorney reviews the contract and negotiates any changes that are in your best interest to make sure it gets on the contract. Lastly, if you’re buying a condo, this is the time period when we review the building’s condo documentss 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 we all have come to an agreement and are ready move forward A/I will close and we will move forward. If you have questions, call 708-860-0346 or email us at sammy(at)sellchicago(dot)net
