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Step 10: Attorney Approval Before the end of the attorney/inspection period (extended or not), your attorney will review with you any concerns he or she has about the contract, unresolved inspection issues, and/or the documents relating to the property, such as condominium rules & regulations, financials, etc. Any problems or negotiable items must be formulated and presented, in writing, to the sellers' attorney by the contracted time. Once we meet the contracted timeframes for presenting issues, we will then have some time (usually another five business days) to resolve them.
Assuming that there are repair requests or concerns relating to documents, we will expect to hear a counteroffer or resolution suggestions of some sort from the sellers. If no resolution can be made, then your attorney may, at your direction, cancel the contract and your earnest money will be refunded to you. You will not, however, be able to collect any refund on your inspection or professional estimate fees. If resolution can been reached, your attorney will officially approve the contract, and the balance of earnest money will become due based on the terms of the contract.
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