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The Attorney Review period allows the parties to clarify and modify the terms of the contract. During this time, the attorneys for both parties frequently communicate to ensure that there are no ambiguous terms or misunderstandings as to the intention of either party.
When the seller countersigns accepting the buyer's offer, then the contract is subject to attorney review which is a three (3) day period that either attorney, for the seller or buyer, can review the contract and disapprove of same in favor of certain suggested revisions.
When it comes to buying and selling property, Illinois is considered an "attorney state." Lawyers participate in the real estate sale process as a matter of custom and practice. But there are no laws or ordinances that require a buyer or seller to use one.
In Illinois, attorney review is a 5-business day period that allows a property buyer's or seller's attorney to review and approve or disapprove a real estate contract. Sometimes, provisions will also allow the attorney to amend a real estate contract as well.
Reviews and drafts real estate contracts, ensuring compliance and protection of the seller's interests. Negotiates favorable contract terms for the seller. Provides guidance and advice on the sale process and contract details.