When buying or selling real estate in Illinois, one of the most important protections available to both parties is the attorney review period. This brief window of time can make a significant difference in protecting your interests and ensuring the terms of your contract are fair and enforceable.
What Is the Attorney Review Period?
The attorney review period is a contingency built into most Illinois residential real estate contracts that allows both the buyer and seller to have their attorneys review the contract terms after acceptance. During this time, attorneys can request modifications, negotiate terms, or even terminate the contract if necessary.
Most standard Illinois real estate contracts include a clause requiring that any notice of disapproval must be given within five business days after the date of acceptance. This timeline is critical, and missing the deadline can mean losing important protections.
What Can Attorneys Do During This Period?
It is important to understand that the attorney review contingency does not give attorneys unlimited authority to renegotiate the entire contract. According to Illinois legal standards, its purpose is to:
- Approve the form of the agreement
- Ensure that the terms are as favorable to the client as possible
- Address legal concerns or ambiguities in the contract language
- Add protective contingencies such as inspection clauses
Attorneys must follow the notice provisions outlined in the contract and should carefully review these provisions on every transaction before sending any correspondence to the other party.
Common Modifications During Attorney Review
During the attorney review period, your attorney may recommend adding or modifying several common contingencies:
Home Inspection Contingency
This allows the buyer to have the property professionally inspected and request repairs or credits for any issues discovered.
Financing Contingency
Protects the buyer if they are unable to secure mortgage financing by the specified deadline.
Title Contingency
Ensures the seller can deliver clear title to the property, free of liens or encumbrances.
Sale of Existing Home Contingency
For buyers who need to sell their current home before purchasing, this contingency protects them if their existing property does not sell in time.
Why You Should Never Skip Attorney Review
Some buyers and sellers are tempted to waive the attorney review period to speed up the transaction. This is rarely a good idea. Real estate contracts contain complex legal terms that can have significant financial implications. Having an experienced real estate attorney review your contract can help you:
- Identify unfavorable terms before you are legally bound
- Protect your earnest money deposit
- Ensure all necessary contingencies are in place
- Understand your obligations under the contract
- Avoid costly mistakes or disputes later in the process
Working with Your Attorney
To make the most of your attorney review period, contact your real estate attorney as soon as you have a signed contract. Provide them with all relevant documents, including the purchase agreement, any addenda, and information about your financing plans. The sooner your attorney can begin their review, the more time you will have to negotiate any necessary changes.
Next Steps
If you are buying or selling property in Illinois and need guidance through the attorney review process, working with an experienced real estate attorney is essential. At Burhanuddin Law, we help clients navigate every aspect of real estate transactions, from contract review to closing.
Visit burhanuddinlaw.com to schedule a consultation and ensure your real estate transaction is protected from start to finish.
All blogs on this site are for educational purposes only, do not constitute legal advice or opinion, and should not be applied to your situation, or any specific situation, without consultation with counsel. Burhanuddin Law LLC does not provide any legal advice concerning any matter discussed in a blog except upon formal engagement.
