What is an attorney-approval contingency? | Freilich Law | Michael Freilich | freilichlaw.com | (410) 321-0040
In Maryland, this typically refers to the buyer who is reticent. When he is sitting down at the real estate agent’s office to sign what is typed out, a 40 to 50 page contract, but when it’s printed it is 10, 12, or 15 pages with addenda, he says, “I want to show it to my attorney.” So the realtor comes out with this, says, “I have a clause that covers that.” This is subject to your attorney reviewing this contract with five days, or three days. They usually give it to you on a Friday and they want it back on a Monday.
It’s not a really good exception, better off, take the contract, don’t sign it, and say, “I will return it when it’s reviewed by my attorney.” You find a lot of pressure in new home sales like this, and in coop sales. Doesn’t matter, if they don’t let you take the contract out of the shop to have your attorney look at it, don’t buy it. That’s my recommendation.
Remember, if it’s got to be a fair deal it has to be fair to both. You don’t have a lot of bargaining power with a builder but they have too much bargaining power because they are relying on your taste. Frequently, they’ll say, “If you buy it today you’ll get so many thousands off the purchase price” or, “So many thousands toward the closing cost.” Again, if it’s a deal that sounds too good to true, it’s not.
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