When Do I Sign?

In the Northern Illinois area, our typical real estate contract has a five (5) day attorney review contingency paragraph.

After both parties have signed the real estate contract, each side has five (5) business days from the date of acceptance for their real estate attorney to review and approve of the sales contract.

Occasionally, a buyer or a seller wants their attorney to review the contract prior to their signing it.

This delay could cause the loss of a sale. A buyer could decide to move onto another home, since they do not have a formally accepted offer. Or the seller could receive another offer in the meanwhile.

Time is of the essence with a real estate contract. Without a signed real estate contract, we do not have an accepted offer.

Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com