What is attorney review?
In New Jersey, residential real estate contracts prepared by licensed real estate agents must contain a clause that creates what is known as the attorney review period. Given the fast-paced nature of real estate contract execution, the parties rarely have time to consult an attorney as to the advisability of certain terms in their contract.
The attorney review period gives both parties three business days (weekends and legal holidays do not count) after everyone has received a fully-executed contract to have an attorney review and disapprove of the terms of the contract before it becomes final. During the attorney review period, either party may terminate the contract for any reason or no reason at all.
When does attorney review end?
The attorney review period itself does not have to be three days long. Attorney review ends when the attorneys for buyer(s) and seller(s) have completed their revisions and approved each other's revisions.
What happens during the attorney review process?
Until attorney review is finalized, seller(s) may accept a more favorable offer and buyer(s) may decide to pursue a different contract. On your behalf, your attorney can cancel the contract for any reason or no reason at all. Typically during this period, however, the parties' attorneys add or modify contract language and clarify issues.
For more information about Attorney Review, and if you have any questions about buying or selling a home or other real estate law questions, contact The Law Office of Joseph A. DiPiazza, LLC at (201) 494-2800.