Skip to main content

What is an Attorney Review?

Hello There,

Real estate transactions are primarily governed at the state level in the U.S. and, to add complexity to the business, real estate buying and selling can also be dictated by the local customs.  This is why it is so important to hire a realtor that understands the local customs!  A good realtor will be able to recommend local professionals that are knowledgeable where you are buying or selling homes.  One of the professionals that a prospective buyer or seller would need to hire is an attorney in New York State.  Once you have a signed contract, this contract should be reviewed by the attorney of your own choice.  Attorney review period typically lasts 3-5 days from the date of the signing of the contract.  Buyer's attorney will review the contract on behalf of the buyer and seller's attorney will review the contract on behalf of the sellers.  Once both attorneys approve the contract, now the contract becomes binding and both parties move forward in the transaction!  What if there arises an objection from either party?  Then both attorneys should negotiate the terms that are mutually agreeable.  If attorneys cannot come to a consensus, then either party can cancel the contract and the deposit should be returned to the buyer.  So you can see how important it is to hire an attorney who is knowledgeable of local customs and rules of real estate buying and selling!  

Wish you all the best in your real estate journey,

Young Jin Chun

 


Labels:

Comments

Post a Comment

Popular posts from this blog

First blog post!

  Hello there, I am so thrilled to write my first blog post for this blog platform!  I have decided to create this blog... because so many people ask me what the real estate market is like... And I thought it would be a good idea for me to write about real estate market trends so that people can make informed decisions.  Writing about blog posts on the latest real estate trends will be beneficial to me as well; I will be encouraged more to learn & reflect about the fast changing real estate market and the overall global economy, which is always an important factor to take account of.  Please stay tuned to the next blog post and wish you all the best in your real estate journey! Best, Young Jin Chun, Lic. Real Estate Salesperson
Post a Comment
Read more

Young Jin’s Monday Market update for Schenectady, NY June 2024

  7/29/2024 Young Jin’s Monday Market update for Schenectady , NY June 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in June 2024? Here’s the latest June 2024 market stats on Schenectady NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Schenectady NY! The absorption rate came in at 1.58, which indicates that it takes less than 8 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at just over 103% which indicates that most homes sold almost 3% above the list price!   Median days came in at 8 days, which indicates most homes went under contract just over a week! Median sold price decreased to $268,111, a decrease of 0.33% month over month. In summary, once agai...
Post a Comment
Read more

Young Jin’s Monday Market update for Colonie, NY May 2024:

  6/17/2024 Young Jin’s Monday Market update for Colonie, NY May 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in May 2024? May 2024 reports have arrived! Here’s the latest May 2024 market stats on Colonie NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Colonie NY! The absorption rate came in at 1.75, which indicates that it takes less than 8 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at 98.2%, which indicates that most homes sold slightly the list price. Median days fell to 3 days, a decrease of almost 92.31% month over month! Median sold price increased to $352,500, an increase of 54.95% month over month. In summary, once again the real estate market st...
Post a Comment
Read more