Most residential sales in the Chicago area use the Multi-Board Residential Real Estate Contract, now in version 8.0. Brokers fill in the form and the parties sign it, often within hours of a showing. The attorney review paragraph is what gives each side's lawyer a short window to refine that agreement.
How long it lasts
Under the 8.0 form, attorney review runs five business days after the date of acceptance. Business days exclude weekends and holidays, and the count starts the day after acceptance. Your attorney will confirm the exact deadline on day one.
What attorneys can do
- Approve the contract as written.
- Propose modifications, such as clarifying dates, credits, fixtures or contingencies.
- Disapprove the contract, which ends it if the parties can't agree on changes.
The 8.0 form also lets attorneys make proposals that are not treated as counteroffers, so a request that the other side declines doesn't automatically end the deal.
What is commonly addressed
- Closing and possession dates, and what happens if either slips.
- Mortgage contingency terms and appraisal outcomes.
- Condominium document delivery and any association approval.
- Items that stay with the property, and the condition at closing.
- Tenant leases and deposits for multi-unit buildings.
If the deadline passes
If no written notice of disapproval is served within the period, attorney review is waived and the contract remains in effect as written. That's the single most important reason to have an attorney chosen before your offer is accepted.
How it relates to inspection
The inspection period runs on its own schedule under the contract, usually alongside attorney review. Your attorney coordinates both so that inspection requests and contract changes are handled together.
By Attorney Shara Kamal. General information for Chicago-area readers; not legal advice for a specific situation.