Real Estate Law
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That's correct. In contract law, a counteroffer is a negation of an acceptance. That is, it allows you to accept the terms, or if you reject them, then there's no contract. Because the contract specifically says that this is a condition of a valid contract, it's what's known as a "condition subsequent", and would allow the buyer to be able to modify the contract, but that the modifications would still have to be accepted by you.
Note, however, that it's not in the hands of the buyer, but rather the attorney of the buyer, and that there still has to be "good faith".
That means that the buyer can't modify the contract to include ridiculous terms, but only good faith modifications. Otherwise, it could still be a breach.
In short, it's not uncommon to have such a clause in the contract, primarily just for attorney review to make certain there are no "gotcha" clauses. I wouldn't say that such a clause is common, but it's certainly not unheard of, and it's primarily just for the protection of the buyer (not necessarily for the benefit of the buyer, to be able to change the contract to his/her benefit).
Can it be both a condition subsequent and a counteroffer? If the former, contract stands but with a modification. If the latter, contract is void.
Re attorney good faith: please advise criteria for good faith.