Once in a while I get asked "Should I hire an attorney". First of all I am never going to tell you not to use one. It is all about what you are comfortable with. I want you to feel comfortable and sure throughout the whole selling process. So if you fee better about having an attorney review the whole contract then I would say hire one.
Is it really necessary? Not really. Real estate purchase agreements are standard to each real estate company. Most companies have done thousands and thousands of transactions with these purchase agreements. They are reviewed by attorneys before they go into print. Over the years they are updated with what is transpiring with technology or changing real estate laws.
In each contract you have specific dates to meet such as mortgage dates, inspection dates, and closing dates. You also have an "as is" clause that states once you close the buyer is accepting the house in an "as is" condition. Purchase contracts cover that you are providing clear title with your title company. Which you are because no title company is gong to close on your house without clear title, without taxes and paid liens paid off because they would be liable for those costs.
Standard purchase agreements tell you about when you will give up occupancy, what is included with the sale, any real estate brokers transaction fees, offer and counter offer times, whether you are doing arbitration or not, and that we can do the documents by fax, or electronically.
ALWAYS, ALWAYS read the purchase agreement over carefully and fully. Then if you do not understand a part of it call me your realtor to ask questions. I can explain it to you. Then sign it. DO NOT SIGN IT WITHOUT READING THE CONTRACT
Remember that anything not in writing is not part of the contract. With Michigan real estate law the only contract legally enforceable is if it is written down and signed by both parties. Verbal agreements are not enforceable. So if you do a counter offer, and make an agreement about the home inspection results you have to put it in writing and then sign it. Otherwise it is not enforceable.
Bottom line is if you feel you need a real estate attorney to read over the purchase agreement or closing documents then hire one. Or if you feel more comfortable with an attorney you should hire one.