Page 87 - HBG 2019-watermarked

ATTORNEY REVIEW:

READING THE

FINE PRINT

Understanding the contract
& closing process

Once both parties have signed the contract, the three-day period of attorney
review begins. You will want your attorney to look at your contract immediately
and iron out any issues, so keep the communication lines open during this
period.
If the lawyer finds something problematic in the contract, he or she will
negotiate to have it changed or send a letter of disapproval, which terminates
the contract without a penalty. Once both parties have approved the contract,
you will submit your deposit to the lawyer, who will then hold it in escrow
until closing.
Choosing a Lawyer

Choose an attorney based on positive recommendations from friends,
family, or your real estate agent. If you choose to accept your realtor’s
recommendation, be sure to do some of your own verification. You want
to ensure that the lawyer is not dependent on the agent for business or
otherwise biased in the agent’s favor, and that the agent is not receiving any
commission or other benefit from the referral. (The same applies to any other
type of professional your agent recommends.)

‹ Choose a lawyer who will be responsive to your calls. Does he call you
back in a timely manner?
‹ If you work full-time, consider whether off-hours availability, such as
Sundays or evenings, are important to you. You may also want to find
out whether the lawyer maintains a staff who will be able to answer your
questions in his or her absence.

2020 Lakewood Home Buyer’s Guide | 87