what do the buyers get during the attorney review process?

Asked by Rosa, Bronx, NY Wed Dec 14, 2011

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7
John Sacktig, Agent, New Jersey, NJ
Wed Dec 14, 2011
Sometimes a nice new set of steak knives!
2 votes
Mary Petti, Agent, Edison, NJ
Wed Dec 14, 2011
Rosa,

The pool is really an inspection issue, and while this CAN be addressed in attorney review to help you avoid paying $$$ for a non working pool, typically these things are addressed and negotiated after AR is concluded and you have performed your home inspection, including having the pool inspected. Speak to your attorney about how he/she wants to handle it.
Also, bear in mind that if the sellers represented the pool was being sold in "as is" condition, either in the listing and/or in a sellers disclosure, you may have no recourse as you were informed about it's condition before you wrote a contract on the house. This does not preclude you from having the pool inspected but typically "as is" means just that. Again, not knowing your specific situation, speak to your attorney to see what rights you may have regarding this issue and what recourse if any you may have.
0 votes
Shawn Ryan R…, Agent, Belleville, NJ
Wed Dec 14, 2011
attorney review is just a 3-day period (can be extended) during which the lawyers can alter and finalize the contract. either party can back out without have a reason during this period. your attorney will call you to review the contract and suggest any possible changes or answer any questions you might have
0 votes
Rosa, Home Buyer, Bronx, NY
Wed Dec 14, 2011
The attorney we hired will be representing the buyer[me]. I'm moving out of state from NY to NJ and this is my first home. I know there is a problem with the pool [ no pumps no filter, possible cracks], I don't want to get stuck with shelling out $$$ on a non-working pool.
0 votes
Mary Petti, Agent, Edison, NJ
Wed Dec 14, 2011
ROsa,

Representation... and contractual changes / additions to best protect you and your interests during the transaction. Your attorney might delete or change wording in particular sentences/lines/ paragraphs from the contract you signed, or add additional stipulations which then become part of the agreement between parties (buyers and sellers). Each attorney has their own specific changes they make in addition so some fairyl commom across the board changes to the standard contract.

Examples of some simple changes: typically your first deposit check is written to the trust account of your agents company. Sometime the attorneys like the deposit moneys held in their trust accounts, and this would be reflected in an attorney review letter. They sometimes add that all correspondence via fax is acceptable (rather than hard copy).
During attorney review it's important to keep in contact with your attorney and have him/her explain any changes they want to make so you know what you are agreeing to.
0 votes
Don Tepper, Agent, Burke, VA
Wed Dec 14, 2011
From what I understand (and we don't have that same process in Virginia), you get two things:

(1) An actual review of the documents. That's important in any case.

(2) A contingency period during which you can terminate the purchase. Sometimes it may be directly linked to feedback from your attorney. Other times, it may not really be related, but you're still entitled to it.

Also, as I understand it, attorneys in the attorney review process may be more actively involved in negotiations. (In other areas, where there isn't a formal attorney review, usually it's the agents who negotiate on behalf of their clients. Getting an attorney involved in many negotiations would be viewed as overkill.)

Your Realtor and your attorney can give you more details on their respective roles in the process.

Hope that helps.
0 votes
Marie Souza…, Agent, Centerville, MA
Wed Dec 14, 2011
Rosa- This depends on if the attorney is representing you, the bank or the seller. What services they provide vary from Attorney to Attorney. Just ask them and/or your agent for clarification!!! For our clients, we suggest Attorneys that review signed agreements & paperwork moving forward as part of their services. That way clients feel at ease when signing their name on the dotted line.
0 votes
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