Attorney review
A short period after signing when either side's lawyer can approve, change or cancel the contract. It is customary in some markets, such as New Jersey and parts of Illinois, and not used in many others.
Also called: attorney review period, attorney approval
Related terms
A lawyer who reviews contracts, clears title issues and may run the closing. Some states require an attorney at closing; in others they are optional and hired for complex deals or disputes.
The signed contract between buyer and seller that sets the price, deadlines, contingencies and terms of a sale. Once both sides sign, the property is under contract.
A condition in the contract that must be met for the sale to go forward, such as an inspection, loan approval or appraisal. If it fails within the deadline, the buyer can usually cancel and keep the earnest money.
A signed change to a contract that is already in effect, such as a new closing date or lower price. It must be signed by both sides to count.