Attorney Review

In New Jersey, licensed real estate brokers and agents may prepare contracts for the sale of residential real estate containing less than five dwelling units and vacant one-family lots, provided that there is a three-day attorney review clause in the contract. A Real Estate Lawyer is an essential member or your expert advisers when buying a property.

Duration of the Attorney Review Period
The review period ends three days after signed contract is delivered to the Buyer and the Seller, excluding Saturdays, Sundays or legal holidays. However, the review period may be extended if the Buyer and the Seller agree in writing to do so.

Purpose of the Attorney Review PeriodAttorney Review
This specified period allows the attorney to cancel the contract or request it be altered.
During the attorney review period, either party may void the contract without penalty.

Disapproval during the Attorney Review Period
If the Attorney for the Buyer or the Seller reviews and disapproves the contract, it must be done so in writing within the three-day period. The disapproval notice must be sent to the Realtor(s). A certified letter will be effective upon sending, a personal deliver will be effective upon delivery to the Realtor Office.  If you are still interested in purchasing the property have your Attorney provide the Realtor with written suggested revision(s) that would make the contract satisfactory.

Approval during the Attorney review period
If the contract is not disapproved by either the buyer or sellers attorney it becomes legally binding at the end of the attorney review period.

If you’re Buying a property, your lawyer should:
1.) Help you understand the purchase contract
2.) Help you understand how you will take title on the property.
3.) Check that there are no covenants, easements, liens, etc. registered against the property.
4.) Prepare and register all the legal documents.
5.) Clarify the terms of the finances and work with your Lender, if necessary, to modify them.
6.) Scrutinize the adjustments, including taxes owing and utilities costs paid, prior to the closing.
7.) Attend the closing and review all the papers you will be required to sign.
8.) Arrange title insurance protection to protect you from losses due to title defects.
9.) Ensure you receive a valid registered ownership subject only to the liabilities you have accepted.

A signed contract along with your loan application should be submitted to your lender for loan approval.