Attorney Review/Under Contract
Your Realtor® just called with good news. The seller has accepted your offer. Now what?
Attorney Review
When a seller accepts an offer, the buyer and seller enter a period called attorney review. In this phase, typically 3-5 days, attorneys from both parties review the terms of the contract. During this time, the house can still be shown and offers still accepted. Upon the conclusion of attorney review, if the contract is signed, the seller has "officially accepted" your offer and the house goes "under contract."
Under Contract
During the time a property is under contract, the buyer is given an amount of time (specified in the contract) to complete financing obligations, the home inspection process, acquire insurance and other steps. If a buyer fails to complete some of these steps or financing is not secured within the time period outlined by the contract, the contract can be terminated and the property placed back on the market. If the buyer completes all obligations outlined in the contract, the closing process and, ultimately, the exchange of title and keys, follows.
