Buying or Selling a Home

The Purchase Contract

What is an attorney-approval rider?

One common rider makes the purchase contract subject to approval by the buyer's and seller's respective attorneys within a short period of time, usually five to ten days after acceptance of the offer. In such cases, the standard contract form should include the phrase, "Subject to the Approval of the Attorneys for the Parties Within Days," with the number of days written in. Without such a condition in the contract, both the seller and the buyer are bound by the terms of the contract, which may be unclear or may differ from the parties' intent.

>>What is an offer to purchase?
>>What might I include in my offer to purchase a home?
>>What is earnest money?
>>How is the offer negotiated?
>>How does an offer relate to the purchase contract?
>>Can oral promises constitute a contract?
>>When should we involve a lawyer?
>>What are the key provisions of the purchase contract?
>>What is an inspection rider?
>>What is an attorney-approval rider?
>>What is a mortgage-contingency rider?
>>May the seller refuse a mortgage-contingency rider or an inspection-contingency rider?
>>What happens to my earnest money deposit if we do not complete the sale?
>>Can a buyer sue a seller for backing out of the contract?
>>Are there any special considerations when you are buying a home from a builder?


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Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
*The Purchase Contract* | Financing a Home Purchase | The Closing | The Fair Housing Act
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