Contracts
What is 'attorney review' in a Delaware real estate contract?
AA mandatory review by the Commission's staff attorney
BA contractually specified period during which either party's attorney may review and potentially modify or reject the contract✓ Correct
CA requirement that the closing attorney review all home inspection reports
DThe Delaware requirement that all contracts be drafted by attorneys
Explanation
Attorney review is a contract provision giving each party's attorney a specified period to review the agreement and, if necessary, propose modifications or disapprove the contract. If no attorney action is taken, the contract becomes binding.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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