The review of contract of sale is the legal process by which a buyer or seller can alter the terms negotiated between them. It is a critical step to ensure that the contracts being signed are accurate, and not something that the parties will regret in the future. Whether you are purchasing a new home, buying an investment property or opening a business, the purchase of real estate can be complex and require an experienced lawyer to ensure that your interests are protected in every way possible.
What is to review a contract?
There are a number of sections to the contract that can be review of contract of sale, depending on what is being purchased. Some of these include: property identification, the legal description of the land being sold, and any other buildings or structures that are included in the sale. The contract should also define who will pay closing costs and title insurance, which can vary by state. It should also clearly specify a procedure for any changes in key dates or schedules.
Having an attorney review the contract can help prevent the parties from agreeing to terms that they may not be able to fulfill or enforce. Typically, the review period is three days, starting on the day that both parties receive fully executed copies of the contract (weekends and holidays do not count as part of this time). During this review, either party can offer revisions to the contract through a rider or addendum.
For in-house legal teams, the review of contracts can be a challenging and time-consuming task. When high volumes of contracts are being requested for review and when multiple stakeholders need to be involved in the process, bottlenecks can quickly occur. Using Ironclad’s contract review software can help to reduce the workload for in-house legal teams, improve visibility and speed up time-to-contract.