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Step 8: The Attorney/Inspection (A/I) Period In the days (typically five) following contract sign-off, we have a lot to accomplish. It is in this time that we need to conduct our inspection and present any issues in writing. We also need to secure and review (with your attorney) not only the contract itself, but also any documents associated with the property (usually only condominiums/co-ops), and notify the sellers of any problems in writing.
During this time, you should also be preparing to fund the balance of your earnest money according to the terms of the contract (take a loan from your 401(k), etc.). Usually, I write my offers so that the balance of the earnest money is due two business days AFTER your attorney has officially accepted the contract.
What if we need more time?
If the need arises, your attorney may request an extention on the A/I period to give us more time to perform inspections or review property documents. However, we should make every effort to accomplish all we need to in the given timeframe. That indicates to the sellers that we are efficient and serious. Imagine how you would feel if, as a seller, a buyer requested an extension because they couldn't be bothered to set up an inspection in a timely manner. Extensions must be agreed to in writing, and are usually handled attorney-to-attorney, though agents can request and approve extensions if necessary.
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