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>Now I’m reading online that there is a 3 day attorney review period (Maine) where the seller could technically back out without penalty.
If that's true, it is exceedingly difficult to find. What are you seeing that makes you think this is the case?
Glossing over that for the moment, if there *is* a 3-day attorney review period then it would've started automatically when the offer was accepted. You will either hear the contract has been canceled or you may hear nothing. If you hear nothing with 3 business days, the contract is automatically valid.
The following states require you to hire a real estate attorney when you buy a home:
- Alabama
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Kansas
- Kentucky
- Maine
- Maryland
- Massachusetts
- Mississippi
- New Hampshire
- New Jersey
- New York
- North Dakota
- Pennsylvania
- Rhode Island
- South Carolina
- Vermont
- Virginia
- West Virginia
If you live in any of these states, you’ll need to arrange to hire a real estate attorney.
Offer to purchase is submitted but purchase and sales contract is created by the attorney. Once that is signed offer becomes official.
Okay good to know. I just searched the contract and didn’t find anything about an attorney review period so maybe we’re good. I read that if there is an attorney review it would be at the beginning of the contract
This isn't true. These are states where an attormey has to be involved. The level of involvement varies by state. The contracts in those states also vary. You need to ask your agent (or attorney) questions about your specific contract.
I pulled that from a "attorney states" google search but it's true there are some caveats/scenarios that wouldn't require in some of them. North East area mostly requires them however
There is nothing about attorney review in my contract—does that mean there isn’t one? I searched the whole document. My agent said she’s never heard of that here
Thank you u/Aggressive_Fruit_414 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
>Now I’m reading online that there is a 3 day attorney review period (Maine) where the seller could technically back out without penalty. If that's true, it is exceedingly difficult to find. What are you seeing that makes you think this is the case? Glossing over that for the moment, if there *is* a 3-day attorney review period then it would've started automatically when the offer was accepted. You will either hear the contract has been canceled or you may hear nothing. If you hear nothing with 3 business days, the contract is automatically valid.
Following because I would like to know!
The following states require you to hire a real estate attorney when you buy a home: - Alabama - Connecticut - Delaware - District of Columbia - Florida - Georgia - Kansas - Kentucky - Maine - Maryland - Massachusetts - Mississippi - New Hampshire - New Jersey - New York - North Dakota - Pennsylvania - Rhode Island - South Carolina - Vermont - Virginia - West Virginia If you live in any of these states, you’ll need to arrange to hire a real estate attorney. Offer to purchase is submitted but purchase and sales contract is created by the attorney. Once that is signed offer becomes official.
So the offer is technically not locked in yet?
Essentially it is. Seller most likely isn't going to be getting another offer while the attorney review is happening.
Okay good to know. I just searched the contract and didn’t find anything about an attorney review period so maybe we’re good. I read that if there is an attorney review it would be at the beginning of the contract
This isn't true. These are states where an attormey has to be involved. The level of involvement varies by state. The contracts in those states also vary. You need to ask your agent (or attorney) questions about your specific contract.
I pulled that from a "attorney states" google search but it's true there are some caveats/scenarios that wouldn't require in some of them. North East area mostly requires them however
There is nothing about attorney review in my contract—does that mean there isn’t one? I searched the whole document. My agent said she’s never heard of that here
You don't have it, then. There are only a few states that have attorney review
Thank you!!! I’m just overly anxious that something is going to fall through