What Is Attorney Review in New Jersey?
A Guide for Home Buyers and Sellers
The offer was accepted. Now what?
For buyers and sellers in New Jersey, signing a real estate contract is an exciting step, but it is also the beginning of an important legal stage in the transaction: attorney review.
Understanding what happens during this period, and contacting an attorney promptly, can help keep your transaction moving and ensure that the contract reflects the terms of your particular deal.
What Is Attorney Review?
If a residential real estate contract is prepared by a New Jersey real estate licensee, it includes an attorney-review provision that gives the parties an opportunity to have an attorney review the agreement before it becomes binding as written.
Once the buyer and seller have signed the real estate contract, it is sent to their attorneys for review. During the period, each attorney reviews the contract and may propose changes to better protect their client’s interests.
If neither attorney disapproves the contract within the attorney review period, the contract becomes legally binding as written.
How Long Is Attorney Review in New Jersey?
The initial attorney-review period is three business days.
Saturdays, Sundays, and legal holidays don’t count.
Once the contract has been signed and delivered to both the buyer and the seller, the three-business-day attorney review period begins.
Does Attorney Review Have to Be Finished Within Three Days?
No. An attorney can disapprove the contract during the three-business-day review period and propose changes.
The attorneys may then continue negotiating those changes beyond the initial three business days until acceptable terms are reached.
What Can Be Addressed During Attorney Review?
Every transaction is different, but proposed changes may address things like:
What Happens When Attorney Review Ends?
Once the contract terms and proposed changes have been agreed upon, the attorneys sign off and attorney review concludes.
The transaction then moves forward to the next stage of the closing process.
When Should You Contact a New Jersey Real Estate Attorney?
If you’re buying or selling a home in New Jersey, don’t wait until several days after signing a contract to start looking for an attorney.
Having your real estate attorney selected ahead of time means you know exactly who to call when your offer is accepted.
Buying or Selling a Home in New Jersey?
The Law Office of Ryan M. Deverin represents buyers and sellers throughout New Jersey residential real estate transactions, from attorney review through closing.
Have an accepted offer or signed contract?
This article is provided for general informational purposes only and is not intended as legal advice. Every real estate transaction is different. Consult an attorney regarding your particular circumstances.