The Attorney Review Period (1982) , for those of you unfamiliar with it, is simply this: You have 3 days to have your attorney make any changes for any reason, including backing out of the contract. The 3 days are counted after all parties have recieved the signed contract, and you do not include weekends or legal holidays. If a chnage is made for ANY reason, the period does not start over, but is put on “pause” until both sides agree in writing to the change. In other words, a 3 day period can become 10 days, or 30 days, or forever, if all parties do not agree. What you signed is not enforceable until the review period has concluded. Note: I am not an attorney, nor do I act like one. I like good attorneys, and have no respect for the bad ones. There are plenty of bad attorneys, just like in every walk of life. See me personally, and I will guide you to the good ones.
The intent of the Attorney Review clause was to keep knucklehead agents from inserting verbage which hurt the client. Agents are allowed only to “fill in the blanks”. I get this. It makes sense. Anything which is good for the consumer is good for me.
So, what is my problem with this clause? Buyers and sellers can negotiate, fairly and honestly for a day or two, then reach an agreement. They take another day or two to sign contracts, deliver them, have their attorney review them, and make few or no changes. Before the end of the 3rd day, another buyer comes along, finds out that the property is in attorney review, and offers a couple thousand more than your deal, and then the seller’s attorney sends out a “kill” letter. Your deal is dead.
This is not how my parents raised me. I am sure yours didn’t either. My word is my word. But a contract is not a contract until the Attorney Review Period is complete.