Attorney Review/Under Contract
You've decided which offer to accept and your Realtor® has informed the lucky buyers. What happens next?
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, your Realtor can still show your house and you can still accept offers. However, upon the conclusion of attorney review, if both attorneys sign off on the contract, the you have "officially accepted" the buyer's 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.
