Keep in mind that the inspection and attorney review periods usually last for a short and limited period of time. The terms of the contract will dictate this time. Once the periods expire, no additional changes may be made. It is important for a buyer to get a copy of the signed offer or accepted contract to his or her attorney as soon as possible. Once the modification and inspection periods are passed, the buyer's attorney will help the buyer with the loan process.
Most contracts contain a mortgage contingency clause.
That is a provision which allows the buyer to cancel a deal legally if the buyer cannot obtain a loan which satisfies the terms of the mortgage called for in the provision. The attorney will make sure that the loan complies with the contract terms and that the proper notices as to whether or not the loan is approved are forwarded to the Seller. The final tasks of a buyer's attorney before the closing are to make sure that any problems that arise during the final inspection are dealt with by the buyer and to work with the lender, title company and the buyer to be sure that all items needed to close are brought to the closing. This package is comprised of many documents, including the note and mortgage and maybe as many as sixty other pages of documents disclosures and agreements. It is the buyer's attorney's job to walk the buyer through these documents, pointing out important terms and protecting the buyer's rights against the bank.