Of all the issues that need to be considered when buying a home, homeowner’s insurance always seems to end up as an afterthought. And that’s pretty crazy! When you think about it, your home is probably your most valuable material possession. And making sure it’s properly insured is a really smart idea!

In this short video, Ron Bansky- Owner of Ron Bansky & Associates in Westfield NJ, reviews some of the common insurance questions facing homeowners. Take a few minutes and check it out!

And fore more information, please call Ron Bansky & Associates at 908-301-0711. Or, stop in and visit them at 519 South Avenue West, Westfield NJ, 07090 (see map below).

Click here to view the embedded video.

The home sale contingency (conditioning an offer upon the sale another property) has been part of real estate contracts since…well… since there have been real estate contracts. Unless you can afford to carry one property and still qualify for the purchase of another, a home sale contingency is a fact of life.

But when making an offer on a home, buyers should do everything they can to make their offer look better than the rest. There are a lot of ways they can do this. They can put more cash down, make a larger downpaymnt “up front”, or even waive some of the traditional contingencies…like home inspections. (Although I strongly caution most of my clients AGAINST this one. Unless you’re an experienced builder/investor who knows what ”deal breakers” to look for, the down-side risk is just too high.)

When marketing a home, sellers are looking for ready, willing and able buyers. But if you really need to sell first, you’re not really an able buyer…at least, not yet. When the market was blistering hot, having a home sale contingency was the “kiss of death”. The idea simply makes a lot of sellers a bit nervous. What happens if their house never sells? Isn’t it better to accept a contract that doesn’t have this additional condition built in?

Possibly. But in today’s slower market environment, I think it’s time to re-think the home sale contingency.

Slower Markets Demand Flexibility and Creativity

Let’s face it…the local housing market hasn’t really been tearing it up lately. As the graphic below shows (data courtesy of the GSMLS), 2010 has seen fewer contracts written in Westfield than in most of the previous few years. And since the home buyer tax credit disappeared on April 30th, things have really slowed down. Incidentally…if it wasn’t for historically “stupid low” mortgage interest rates, I suspect that August 2010 would have under-performed all of the previous years as well. So what is a home seller to do?

Accepting Contingent Offers By Adding A “Kick Out Clause”.

Increasingly, home sellers are beginning to recognize that any offer is a good offer. And while the terms sometimes need to be negotiated in order to get something acceptable to all parties, no offer from a qualified buyer should be considered insulting in this market environment.

Assuming that the price and all other terms are acceptable, many sellers WILL now consider accepting an offer with a home sale contingency. But in order to protect themselves, they’ll have their attorney add what we call a “kick out clause”. (And yes, this really needs to be done by an attorney and not your agent. As much as I’d like to help, I don’t have legal authority in NJ to alter the standard real estate contract in this way. In my view, it gets into that area known as “practicing law with out a license“…a big no-no for all licensed real estate folks.)

The kick-out clause gives the seller the right to continue to actively market the home, and search for an offer that does NOT require the home sale contingency. If they get such an offer, the 1st buyer…who still has a legally binding contract…has a limited amount of time (usually about 48 hours) to remove their contingency. If they can do it, they stay in the deal. If they can’t, they’re offer is thrown out and the seller moves on to the new contract. (This is where buyers need to think outside the box. Is it possible to get a very short-term loan from a family member until your house sells? Is it possible to temporarily borrow from a retirement account?)

There is always the chance that as a buyer, you could end up losing the home of your dreams to another non-contingent offer. I guess this makes the case for making absolutely sure that your home is properly positioned to sell quickly.  But if you find the home of your dreams before you sell, it’s still worth making an offer and not letting it get away!

For additional information on this topic or any other real estate need, contact Hal Benz -Your Home Sale & Short Sale Specialist. 908-216-4836

Well…kinda. You’re probably aware that until this past April, the IRS was offering an $8,000 Home Buyer Credit to qualified first time buyers and a $6,500 credit to trade-up buyers. And when the program disappeared on April 30th of this year, so did the housing market in much of the country.

But what you may not realize is that since this program expired in April, home buyers have received a much less publicized $28,000 home buyer incentive. And this one is for ANY buyer who is qualified to purchase using a 30-year fixed rate loan. How are these savings earned? Through reduced mortgage interest. Let me explain…

Mortgage Interest Rates Are At All Time Lows.

That’s right…mortgage rates are low…”stupid low”…unsustainably low according to most market analysts. At the time of this post, Freddie Mac shows the national average on a 30-year fixed mortgage to be 4.36% with 0.7 points. (Actually, TODAY I had some mortgage guys telling me they could do 4.0% with ZERO points!!)  When the Home Buyer Tax Credit expired in April of this year, Freddie posted the national 30-year fixed average at 4.74%, with 0.7 points. So what does all this mean?

It means that if you bought a $350,000 home (yeah, that’s a starter home in our local market) at today’s rates instead of the rates in April…just 4 months ago… you’d save $79.26/mo. in mortgage interest. That’s a savings of $951/yr. and an AMAZING $28,533 over the life of the loan!!

And want to hear something really crazy? If you bought today instead of April 2008…when the federal tax credit began, you’d save more than $120,000 over the life of the loan!! That’s because in April 2008, the 30-year fixed sat at 5.92 with 0.4 points!! (Which everyone thought was VERY good at the time.)

Feel free to plug your own numbers into this loan calculator to see how today’s numbers work out for you. (Just be sure to compare your actual numbers to the April 2010 30-Year Fixed average of 4.74% with 0.7 points). And while these savings are not actually a “tax credit”, the money you keep is in real, honest to goodness greenbacks!

So why is everybody still so focused on the measly $8,000 Tax Credit?

Being Impatient And “Sticking It To The Man”

I think that for starters, it’s $8,000 tax credit that can be earned in a single year, instead of getting it in annual cost savings. You would actually have to live in the house 8 years to save $8,000 in our example above. Let’s face it…we can sometimes be pretty impatient. And since most people don’t live in the house for the entire 30 years of the loan, $28K is probably a bit overstated. But for the average person who stays in their home 8-10 years, the savings lost in the elimination of the tax credit have already been replaced by interest rate savings!

And I think that there is something about getting money from the IRS that causes people to act. People like to stick it to the man! Feeling like you’re saving more on your taxes, makes us feel smart…like we pulled a fast one.

But this is not the kind of market to be swayed by clever marketing incentives…even $8,000 ones coming directly from Uncle Sam. This is the kind of market to step back, look at the real numbers, and make an educated decision.

As always, consumer confidence drives the housing market…not incentives. And that means the economy and job market need to get on track. But if you’re thinking about buying a home, today’s interest rate environment presents an amazing opportunity! With buyers in firm control of the market in most areas, and interest rates at all time lows, there probably won’t be another buying environment like this again (at least not in your lifetime…or mine, for that matter).

For additional information on buying or selling in today’s market environment, contact Hal Benz -Your Home Sale & Short Sale Specialist. 908-216-4836

In Part 1 of “Building Permits”, we reviewed when you might and might not need a building permit for a home improvement project. We learned that failing to obtain the proper building permits can complicate a real estate deal down the line, and can potentially cost the seller a lot of money. But who should be responsible for pulling the permit? And when you’re buying or selling a home, who should check?

Whoever Pulls The Building Permit Takes Responsibility

In most of the country, a homeowner can legally do most home improvement projects on their own (check in your local area). According to Jan Burchett, Executive Director of the National Association of the Remodeling Industry, it’s a good idea to have your contractor pull the building permit. While you might need to pay a little more for their time to do this, it’s worth it. “In most jurisdictions” says Burchette “the person obtaining the permit is considered to be the contractor and therefore the one liable if the work does not comply with building code.”  

Translation: If the job was done wrong, the homeowner will  be held responsible for correcting the problem…NOT the contractor! How many homeowners are prepared to take this on?

And here’s something I bet you didn’t know: If a home renovation project is done without the required building permits, you may inadvertantly VOID coverage for claims under your homeowner’s insurance policy. This issue alone makes the cost of the permit look more appealing, don’ you think?

So when you’re buying a home, how can you tell if the proper permits are in place?

One way to check this out is to review the Seller’s Disclosure Form. It asks whether the proper permits were obtained for a variety of jobs. If the homeowner answers “no”, then be careful. I’m NOT suggesting that the workmanship will always be poor and there is a safety risk.  But I AM saying is that without having an inspector come and check it out, you won’t know for sure. And we already know how complicated and costly that can be!

Another way is to check the home’s Property Card. The local building department maintains a record of permits obtained on every property in town. It is often referred to the “property card” for the home.

One of the most important tasks that a real estate agent can provide (and unfortunately, one that most fail to do) is to get a copy of it for their client. It’s a public record, and is available to anyone. (Here is a copy of a property card that I pulled for a buyer client last week. The identifying information was blacked out, since this is still an active contract)

By reviewing this card, you’ll see which jobs had permits pulled, and which ones didn’t. I can’t tell you how many times I find finished basements or additional bathrooms in a home that the town has no record of. Not only does this raise a safety concern, it also means that when the town catches on, the assessed value of the home could increase…sometimes significantly. And that means the property taxes will too!!

You should also find out if all open permits are CLOSED. I once represented a buyer in a sale where the contractor got all the permits, but never had the inspector come out to sign off that the job was finished.  The job was a large addition, and when the homeowner found out that the permits were still open (10 year later) the builder was out of business!! In the end, the homeowner had to escrow $60,000 at closing until everything could be resolved. What a mess!!

So to me, the takeaway here is simple: Don’t do a home renovation project without getting the required permits. And if they’re not in place, take care of the issue BEFORE the house goes on the market. Believe me, you’ll be glad you did!!

Building permits are one of the most overlooked parts of many home improvement projects. Why? Because many homeowners don’t know when they’re needed, and some contractors don’t want to deal with them.  But when it comes time to buy or sell a home, the issue WILL come up. And when it does, hang on. It can be a rocky (and expensive) ride!!

When And Why Are Building Permits Needed?

Building permits are required to ensure that construction is safe and meets standard building code. But the problem is that there is never a single code that needs to be met. There are often national, regional and even local codes…which makes sense. Buildings in an earthquake prone region would have different requirements than those that are not, right? But the inspection process can slow things down. Towns often have a limited number of inspectors to do handle the workload. This causes contractors to slow down, which drives costs up. Sometimes, a shady contractor will offer a “discount price” if the homeowner agrees to do the job without permits. (This is a major red flag. RUN…don’t walk…to a more reputable professional).

For the “do-it-yourself crowd”, the best advice is to call your local building office before starting any job you’re not sure about. You probably need a permit if you plan to do something major like:

• Change the footprint of your home,
• Move a load bearing wall,
• Change the roof line,
• Add electrical wiring,
• Open the wall to add a door or window,
• Add or move a fixture that requires venting to the outside – like a sink, toilet or gas burning appliance.

You probably don’t need a permit if you’re doing something small like:

• Replace a faucet,
• Replace floor covering,
• Change countertops,
• Replace doors or windows without altering the structure.

But remember – everything about real estate is local…including the permit process. I needed to get a permit to have a security system installed in my Westfield home. Don’t assume that you know…call the town and find out for sure.

If you are trying to buy or sell a home that has not obtained the required permits for renovation work, expect the transaction to become complicated. Typically, the buyer will want an inspector to come out after the fact, and certify that the work was done properly. This often requires walls to be opened up, and fixtures to be removed. It can be a costly and time consuming process…paid for in most cases by the seller.

A seller can refuse to participate and attempt to sell the home “as-is”. But if the failure to obtain permits was not properly disclosed prior to the negotiation of the contract, the seller should expect the buyer to re-negotiate the price…or terminate the contract. If the buyer decides to walk away, the sellers find themselves in the unenviable position of having to disclose the lack of permits to all future buyers. This is NOT good for your marketing plan!

In Part 2 of this series, I’ll review some of the risks associated with not properly resolving permit issues, as well as a simple way for both buyers and sellers to protect themselves.

When I’m working with buyers looking for a home in Westfield (or any town with traditional older homes) it’s common to discuss a big decision: Should they buy a more expensive home that is “turn-key ready”, or buy cheaper and then do the renovation themselves?

I had the opportunity to spend some time this weekend with some Westfield buyers facing just that dilemma. Fortunately, they had the resources to do either one. So how should a buyer approach this decision?

Calculating The Renovation Cost and The Time Value Of Money.

It’s important to begin this discussion by acknowledging that there are a LOT of factors that come into play when selecting the perfect home. Location… including the quality of the neighborhood, schools and commuting distance to work are among the most important. This post assumes that everything else is equal, and that the buyer is deciding whether to buy a more expensive ”turn- key ready” home in the neighborhood, or one that needs major upgrading. It also assumes that the buyer has the finances and resources to do this without relying on some crazy exotic mortgage product to do it.

If you read this blog frequently, you know how I feel about people getting over extended!

In order for my buyers to consider the older Westfield home, they would want to do these 2 common home renovation projects: 1) a two-story addition, 2) a major kitchen remodel. According to Remodeling Magazine’s 2009/10 Cost vs. Value Report, the cost of these jobs done at the “mid-range project level” in the NY metro area is as follows:

1. Two-story Addition – $201,780
2. Major Kitchen Remodel – $69,069

The total for this work is $270,849 …hardly small change! But if they could save enough on the purchase of the older Westfield home, it might be worth it, right? Maybe.

Let’s assume for a moment that since we’re EXCELLENT negotiators (smile) we were able to get the older home for a full $350K LESS than the renovated home in the same Westfield neighborhood. Looking at these numbers, the cost of the renovation seems to pay for itself, right? Maybe…and maybe not. Here’s why:

It’s all about LEVERAGE

Real estate is one of the most leveraged purchases you can make. That is…most buyers use very little of their own money to secure the deal. They put up a down payment (we’ll assume 20% for this post), and use the bank’s money to leverage the rest.

And leverage can be very helpful when paying for home renovation.

According to Bankrate.com at the time of this writing, a 30-year fixed mortgage is going for 4.59%/ year. And according to their mortgage calculator, if you were to finance the full $350K for the “already renovated home”, it would cost you an additional $1792/month for the principal and interest.

If you started the remodeling of the older home on the day you moved in, how long do you think it would take to complete? Let’s say it took 1 full year. According to the numbers above, you’ll need to pull $270,849 out of your personal investments within 1 year to pay the contractor. The fully remodeled home would have only cost you an additional $21,504 over that same year ($1792 x 12 months).

In fact, at $1792/ month it would take 151 months… 12 years and 7 months…before you spend the $270K you forked over in year 1 of the remodel.

A buyer needs to consider how long they’re planning on staying in this house. The average American moves every 7- 10 years (although I’m beginning to see these numbers increase in our area). So in this example, if you financed the renovation and planned to move before year 12, you came out ahead (at least on the ledger).

The good news for the re-modeler is that you get to make the home your own. You can do the job the way YOU want to. But the bad news is that you have to tie up a lot of money to do it. A lot of your “liquid assets” will be converted into home equity… a very “illiquid” asset at best.

By leveraging these remodeling  jobs your money could be used in other ways during this time (college costs come to mind).

Now I know that there will be those who criticize this post saying “hey… he’s in a commission based sales business. Of course he’ll advocate for the more expensive house!” That’s a fair criticism. And my builder friends…many who are already struggling in this economy… might be really angry after reading this!  I hope not.

My purpose here is not to advocate one option over the other. It IS to encourage people to think past the dollar figures and think of renovation costs in terms of “money spent” vs. “money leveraged”.

Deciding which option is best for you depends on your specific situation.

Through the years, I’ve come across several home sellers who’ve shared their secret with me. Something happened inside their house. Something horrible…something unthinkable. On occasion, the secret involved a murder. Other times, a family member committed suicide inside the house. And now it’s time to sell. Will letting people know what happened scare buyers away? At minimum, these sellers worry that disclosure might decrease the value of their home.

And the truth it…it might. Do they need to share what happened to prospective buyers?

Disclosure Rules On Stigmatized Properties Vary From State To State

Stigmatized Properties is the term we use to describe properties that the public might shun for reasons unrelated to its physical condition. According to Christopher Strahan a real estate attorney practicing in Princeton NJ, “New Jersey law does not require a home seller to proactively disclose this type of stigma. But if the buyer asks directly, then the seller is obligated to share the truth.”  

A stigma could be caused by an event like one of those described above. Sometimes, the home becomes notorious…well known in the public space…because of something remarkable that happened there. The 1971 murder of Westfield’s List family by husband and father John List, is a story well known in these parts, and comes to mind whenever I think of notoriously stigmatized homes.  (Incidentally, the List home on Hillside Avenue in Westfield burned down years ago. Still, curiosity seekers still visit, searching for something…) “When a home becomes notorious, it enters a much murkier area from a legal standpoint” says Strahan. “Buyers often do their diligence online. If you can Google the address and it pulls up pages of results, then I think the seller needs to be prepared to address the issue”. 

Consider the Dutch Colonial on Ocean Avenue in Amityville, New York…the scene of the famed Amityville Horror.

There Are Many Types Of Stigmatized Homes

According to Wikkipedia that there are numerous ways a home can become stigmatized. These include:

• Public Stigma: Where something causes the house becomes notorious as in the List case,
• Murder/ Suicide Stigma: When the event occurs inside the house or on the property but it hasn’t become notorious,
• Criminal Stigma: When the house becomes notorious for a criminal event…like being used as a brothel or known drug den,
• Debt Stigma: When the debt collectors repeatedly come to the home trying to collect, unaware that the debtors have moved on,
• Phenomena Stigma: You know…when the house shows up on an episode of Ghost Hunters

The Takeaway… In New Jersey, it’s still “buyer beware”. Sellers are not obligated to disclose stigmatizing events, so it’s up to you to do your homework and ask. As for sellers, I always counsel them to be prepared to share everything when asked. The truth WILL kill some deals…that’s the unfortunate reality of stigmatized properties. But it won’t kill EVERY deal! Be patient, have faith, and a deal will come together. 

A colleague once told me ”there’s a lid for every pot”. I agree. And there’s a buyer for every home…even a stigmatized one!

It’s well know throughout the real estate industry that despite all of our marketing efforts, the most common way that a client finds a Realtor is through a personal recommendation. When asked how they found their agent in a recent NJAR survey, buyers cited ”referred by a friend” 3 times more often than the second most popular choices (and there was a tie here)  ”used in a previous transaction” and “internet website”.  

Those agents fortunate enough to have “raving fans” find that their business grows steadily through word of mouth referral. But sometimes, people are moving to a new area where they don’t know anyone. And sometimes they don’t know who to ask. Then who do you do?

Online Real Estate Agent Review Sites

We live in a world of online reviews. Whether you’re buying a new car, a BBQ grill or even a book for your weekend reading, there are scores of places online where you can learn what others are saying about that product. Increasingly, sites like Angie’s List and Yelp! are gaining momentum, and consumers are sharing their experiences with contractors and businesses.

But the real estate community has been reluctant to engage…

Let me clarify…there are already sites like Incredible Agents and Rate My Agent which exist to provide just the service I’m describing. But a quick search shows that most agents aren’t registered. And those that are have almost no reviews. Why?

And the Houston Association of Realtors is introducing a controversial new application designed to provide information for the consumer about agent productivity. Now that’s a level of transparency that I’ve not seen in the industry before!

I’ve spoken to many agents who are afraid of these online review sites. They worry that if a transaction goes bad, a disgruntled client could trash them online. And we all know that once your reputation gets hammered online, it can create a firestorm! (Just ask the folks at DELL about how this post by Jeff Jarvis changed their entire business plan). And consumers tell me that they worry about sites like this being “gamed”, with bogus testimonials singing the praises of a lousy agent. 

My personal opinion is one that welcomes the idea of online agent reviews. I think this is increasingly the way that consumers look for information about products and services. Today’s agents need to be OK with this level of transparency. Yes…there could be a bad review posted on occasion…real estate transactions can be complicated, emotional endeavors. But on balance, I have to believe that the good reviews should outnumber the bad.

So I put the question to you the real estate consumer: If agent reviews were readily accessible online, would you use them? Should agents be afraid? I’d love to know your thoughs on this…

As a practicing broker, I find that one of the most misunderstood aspects of the real estate transaction is what’s know as the ”attorney review clause”. Is it a requirement to have an attorney review the sales contract? What’s all this about the attorney review lasting for 3-days?

In Part 1 of this series, I reviewed WHY we have an Attorney Review process in New Jersey. Today I want to briefly explain how it works.

Attorney Review Is Like Opening and Closing a Window.

I once heard the attorney review clause described this way, and the analogy made sense to me. When a buyer and seller enter into a properly executed contract, it becomes legally binding upon all the parties. It’s like closing and locking a window. But an attorney is allowed to unlock the window for you. S/he does this by canceling the contract as written, and proposing changes. Once this is done, the window is open again…and the contract is no longer binding.

All kinds of things can happen if you leave your window open all week…so it’s generally not a good idea to do that. The same holds true with the attorney review period.

Once the contract has been cancelled under the attorney review clause, it’s really cancelled!  Either party can change their mind and walk away, and they don’t need to give a reason. But in most instances, the buyer and seller want the deal to happen, so their lawyers make whatever changes they see fit, and then everyone agrees to make the contract binding again. The process of re-closing and locking the window is known as closing attorney review.

Attorney Review Does NOT Last 3 Days!

This is the most common misconception that I come across. Remember…the attorney review clause exists so that you have enough time to get a proper legal review of an agent-prepared contract. You are given 3 business days to retain an attorney and make any changes…or the contract stands as written. (Yes…this also applies if you’re buying a short sale and need to wait for bank approval. Get the review done within 3 days…or trust me, you’ll have problems!!) But once the attorney “unlocks the window”, it stays “unlocked” until all the parties agree to close it. I’ve seen attorney review periods that have lasted hours, and others that have lasted weeks. In some rare instances, the deal goes all the way to closing without EVER formally ending the review period! Which brings me to my last point…

Use A Real Estate Attorney!

Please understand…retaining legal counsel is optional in New Jersey. But if you do decide to get counsel, PLEASE use an attorney who specializes in real estate law!! I KNOW that everyone has a cousin or neighbor who is a lawyer that will handle the closing on the cheap. But they usually mess things up (IMHO). Would you go to a dermatologist for cardiac surgery? How about letting the anesthesiologist handle the plastic surgery? Probably not, right?

Real estate law is a specialty. Fail to recognize this fact at your own peril. Feel free to contact me if you want the names of some excellent local real estate attorneys!

As a practicing broker, I find that one of the most misunderstood aspects of the real estate transaction is what’s know as the ”attorney review clause”. Is it a requirement to have an attorney review the sales contract? What’s all this about the attorney review lasting for 3-days?

In this 2-part series, I’ll briefly review the basics of NJ’s attorney review process – why it exists, and how it works.

Selling A Home And The Unauthorized Practice Of Law

Historically, preparing contracts has been considered the practice of law, and has been the responsibility of attorneys. When real estate brokers and their agents began preparing real estate contracts for their clients, the NJ Bar Association cried foul. After many years of litigation, the Bar Association and the NJ Association of Realtors reached a settlement.

The settlement allowed brokers and their agents to fill in the blanks on an approved, standard contract for the following types of transactions:

• Contracts for the sale of 1 to 4 – family homes,
• Contracts for the sale of vacant, 1-family lots,
• Lease contracts for residential dwelling for terms of 1 year or more.

(Brokers and their agents can represent clients in other types of transactions…multi-parcel lots, apartment buildings, commercial property, etc., but they cannot prepare the contract of sale.)

One of the purposes of the attorney review clause is to allow agents to expedite the preparation and signing of the contract and avoid any delays which might occur if an attorney was not available. Consumers would be given an opportunity to retain an attorney “after the fact”.  The brokerage community in the state was generally happy with this compromise.

In 1995 however, the NJ Supreme Court rendered a decision which held that several of the services being performed by brokers and their agents DID constitute the unauthorized practice of law. In their ruling they stated that consumers would be well served to retain an attorney and obtain proper legal advice. But they also ruled that it was it was in the consumers interest to have the right to decide whether or not to retain an attorney.

The outcome of this decision is that all contracts prepared by a broker or agent MUST include a notice to buyers and sellers. This document commonly referred to as the “Opinion 26 Notice” (named after the court case which addressed the unauthorized practice of law by brokers/agents), MUST be signed BEFORE signing the contract of sale. It explains the following:

• Who the broker is representing in the transaction,
• The fact that only an attorney can provide legal counsel. No legal advice will be provided by brokers, their agents or representatives of title companies,
• The importance of the contract in the transaction, the important services that can ONLY be provided by an attorney, and the risks associated with buying or selling a home without legal representation,

The Opinion 26 Notice also states that there will be a 3-day “cooling off period” in which buyers and sellers have the right to hire an attorney to review and edit the agent-prepared contract. The contract becomes binding as written if no changes are made during this time.

Interestingly, there is still a geographic divide in New Jersey, with most transactions involving attorneys in the northern part of the state, and far fewer in the southern part.

So that answers the question “why is there an attorney review clause”. In Part-2 of this series, I’ll get into the “nitty-gritty” of how the attorney review process actually works.