Contracts
In New York, an 'attorney approval contingency' (also called a 'lawyer's review clause') allows:
AOnly the buyer's attorney to review the contract
BEither party's attorney to review and potentially disapprove or modify the contract within a stated period (often 3-5 business days) after signing✓ Correct
CThe DOS to review all contracts
DThe title company to modify closing terms
Explanation
Attorney approval contingencies (common in some New York contracts, particularly for residential transactions) give either or both parties' attorneys a brief window to review, modify, or disapprove the contract. If an attorney disapproves, the contract is terminated.
Related New York Contracts Questions
- In New York, an 'option contract' for the purchase of real property is enforceable only if it:
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