Now that the contract has been executed and your earnest money deposit submitted, we are officially in the attorney review and inspection period (A/I).
What is the attorney review/inspection period?
During this period, we:
- Conduct the inspection of the property and negotiate any issues identified.
- Have your attorney review the contract and negotiate any necessary changes.
- If you’re purchasing a condo or co-op, review the building’s documents, including the financial statements, Rules and Regulations, meeting minutes, budget, and other important materials.
Timing and Seller Response
- Patience is key. There is no fixed timeframe for sellers to respond to attorney or inspection items.
- Seller responses can take anywhere from a day to a couple of weeks, especially if they need time to obtain repair estimates or consult with professionals.
Length of the A/I Period
The attorney review and inspection period typically lasts 7–10 business days, but this depends on the timeframe negotiated in your purchase contract.
- If we cannot complete everything within this agreed-upon period, your attorney can request an extension to ensure all items are satisfactorily addressed.
Next Steps
Once the attorney review and inspection period is successfully closed, it will be time to submit your second and final earnest money deposit.
If you have any questions during this process, don’t hesitate to reach out to us!