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:
- 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.
- 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
- 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
- If neither party disapproves the contract within three business days, the contract is binding as is.
- 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!