What is Attorney Review?

In New Jersey, home buyers and sellers hire attorneys to review the contract of sale before going under contract.   Here are 5 things to know about the Attorney Review process:

  1. Licensed real estate agents can draw up the contract for condos, co-ops and 1-4 family homes but it is not binding until after attorney review period.
  2. It typically lasts 3 business days but can go longer to account for attorneys’ schedules, holidays, vacations or even a snag that needs to be ironed out
  3. Either party can cancel the contract for any reason during this time period. The buyer can change their mind or the seller can accept another offer without penalty
  4. If neither party disapproves the contract within three business days, the contract is binding as is.
  5. Once both parties agree to the changes and everyone is on the same page, the property is under contract!

 As a real estate professional, one of my jobs is to make sure things move along through attorney review process. If you have any questions about the transaction process, just reach out!