The Form 2.18 Attorney Review Addendum is part of the Oregon REALTORS® Forms Library. It is an add-on to a contract, neither required nor referenced within the purchase and sale agreements. A Buyer or Seller can add this form to the transaction (if you are responding to an offer, the counteroffer would state “Add Form 2.18 Attorney Review Addendum as attached”), which modifies the offer by creating an additional termination timeframe.
The Buyer or Seller [check the box for which one, or both] will be given a period of time to have an attorney review the documents. If the Attorney disapproves of the transaction, the reviewing party can simply terminate the transaction and Buyer gets the earnest money back.
The form can be used as a way to sweeten the deal (e.g. “The offer expires in 1 day, but if you agree to it, you get 10 days to have your attorney look at it and tell you what a good deal it is.”), or a way to manage risk (e.g. “There are a lot of addendums and some of them are irregular ones that look like they were custom drafted. I want to accept the offer, but I want to have a chance to have a professional review the unique addendums.”)
If no action is taken by the end of the Attorney Review Period, the termination right is released and the parties proceed as normal.