Attorney Approval Required By Out-Of-State Investor
Question: The buyer of our Tempe home is an investor from Illinois. In the purchase contract that we accepted there is a 10-day contingency for approval of the purchase contract by the buyer’s Illinois attorney. What does that mean?
Answer: An attorney-review contingency in a purchase contract is not uncommon with out-of-state buyers, whether they are buying commercial properties or buying homes. Under the 10-day attorney-review contingency in your purchase contract, the Illinois buyer can cancel your purchase contract within the first 10 days of the escrow period, if the Illinois attorney disapproves in writing of the purchase contract.
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