What happens during an attorney review process once the offer is accepted? What exactly do they review? Are there things that buyer can be proactive about to make this thorough without stepping into their work. For eg: How do I get hoa documents accessible to us so that we can make sure there are no rentability issues or do I just need to tell this to attorney and they will review it for us? Are there anything that I need to call out from my end from your experience?
@Ryan Bird if your attorney is a good one you should be able to get everything you need. The only thing to ask for are any due diligence documents that are not part of the "normal" process for a traditional sale. If there are leases in place, security deposits, trialing 12 documents, etc then you would want to ask for those types of items. In addition, if there is a month to month tenant in place I like to get an estoppel certificate.
You should also be thinking of any negotiation items you want to get credits for during this 5 day period. Your realtor should know how to do this portion of the process as well. The attorneys technically control the transaction during the attorney review, but we realtors still do a lot of the negotiating since we have the relationship with the clients in most cases.
@Ryan Bird - Attorney review allows your attorney to review the contract and propose changes to level the playing field as the contract as drafted seldom contains what I would call essential buyer protections.
@John Warren had a good laundry list of items you can request. I would add that/state that you can be proactive by requesting the Rules and Regs and the current HOA Budget from the Listing agent, but seldom do they have those documents readily available/accessible nor do the Seller's.
If the central issue is permeability of rentals, a simple inquiry of the Selling agent or a review of the Rules and Regs should answer that question precisely and expeditiously so that you aren't waiting/wasting time and money to inspect and appraise only to find out that there is a rental cap or prohibition.