Hi. So, look. Today's video. Oh, by the way, I'm Anant Deoras with @properties, if you haven't seen my prior videos. Today's video is, Your Offer is Accepted. This is step #11 in a 13 part video series of buying a Chicago home. Watch to learn more!
Woo-hoo! Right? So now, what happens next? So there's a critical period here, which is called the attorney inspection review period. And in the contract, I typically give about seven business days, is what we request. Of course, the seller has to accept and they typically accept, as long as the purchase price and other terms and conditions are to their liking. So seven business days. There's three contingencies, right? So that attorney contingency, the inspection contingency, and then what's called the condo docs contingency. So let's quickly go through each of those. Attorney, right? Look, actually before the attorney, the inspection. And as I mentioned, inspection is very important. You'll get your inspection done, okay? A report will be generated, typically, 24 hours after the inspection for your review. And then the attorney review will begin. Your buyer's attorney will submit a letter, based upon the recommendations of myself and the attorney advising you to what repairs are needed, if any. Okay? We'll negotiate the repairs, and if both parties agree, we'll close out the attorney review portion. That third contingency, condo docs. This is primarily where they need to condos. Every condominium, and there's actually an act, the Condominium Act, requires the association to disclose by-laws, any amendments, budget, rules and regs. That information, right, needs to be sent over from the seller, the listing agent, over to myself and to the attorney for us to review. 'Cause obviously, if we find some discrepancy. Let's say the listing agent, at no fault of their own, but let's say they said, "Oh, there's a ton of reserves." But we do our due diligence during this condo doc contingency, and we find out that they had negative reserves, well, of course, your attorney and myself would advise you, "We need to cancel the contract. It doesn't make sense to move forward." So those are those three. So you have your attorney, which is AI, attorney inspection contingency. And then, of course, the condo docs contingency. And once those are all met and satisfying, we can officially close out attorney review. And, of course, then the appraisal is ordered. All right? So this concludes today's video, What to Expect When Your Offer is Accepted, you know, basically the next process. I hope you found it informative. Any questions at all, Thank you.