The second frequent contingency is for attorney review time period. Offers to purchase are made on standardized forms and the details are worked out between the buyer and seller during their negotiations. Once both have signed and the contract is accepted by both parties, the contract is given to the attorneys for each side of the transaction. They have a specified time to review the contract, and the legal details of the property and to make any clarifications to the details that were worked out during negotiations or issues that arise from inspection or any other due diligence that is done on the behalf of their clients. The attorneys cannot change the price that was offered for the property, but they do negotiate credits for items found in inspection or in the legal description of the property or its title, as well as clarify and explain any condominium documents.
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