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    thongyoi's Avatar
    thongyoi Posts: 2, Reputation: 1
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    #1

    Nov 12, 2008, 09:14 PM
    Buying a house
    I'm a first time home buyer. Do you get attorney review before you sign the disclosure? I'm confusing is that do you get the attorney to review before you sign the contract or after? My realtor said that I need to sign the contract and disclosure then the attorney will review it after that? Also, should I get inspection before or after the contract? This is confusing. Another question, can I back off from credit approval if I find another one better. My realtor seem to rush me into signing papers which I need time to read them.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 12, 2008, 09:59 PM

    You can do a "offer" on a home with many conditions,

    You can add

    Pending approval of your attorney

    Pendng inspection report

    Pending loan approval and more.

    The main thing if you are not sure, then get someone to explain it beofre you sign, ** and that is not the agent.
    thongyoi's Avatar
    thongyoi Posts: 2, Reputation: 1
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    #3

    Nov 13, 2008, 04:21 AM
    So, is it too late for me to see or redo it because I did sign the offer paper and the disclosure?
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #4

    Nov 13, 2008, 06:07 AM

    Once you sign it's generally too late. Ask anyway.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Nov 13, 2008, 07:10 AM

    Yes, once the offer is made, you are bound to those terms, normally everyone leaves a few ways out, at least a home inspection acceptance or getting the loan.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Nov 13, 2008, 07:11 AM

    The time to obtain an attorney is BEFORE you start shopping, you then submit any documents you are asked to sign to your attorney BEFORE you sign them.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #7

    Nov 13, 2008, 07:18 AM
    In most states a contract that is prepared by a realtor must have a 3 day attorney review clause. That means that after you have signed you have 3 days to have the contract reviewed and approved or disapproved by an attorney. If your contract contains that clause then you can sign now but make sure that you have an attorney lined up and ready to review the contract immediately after you sign.

    Once your attorney does their review they can have the contract modified to include a home inspection clause and a mortgage contingency clause (if those clauses are not already included). That means that you will have the right to have the home inspected within a certain period, usually 10-14 days after signing the contract. Also the contract will be conditioned on you obtaining a mortgage commitment within a certain period, usually 30-45 days after signing.

    If the contract does not include a 3 day attorney review clause then you should not sign anything until you have had it reviewed by an attorney.
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