New Jersey Attorney Review Process
Every New Jersey real estate contract prepared by a real estate professional other than an attorney must contain a three day attorney review clause. The attorney review clause provides both buyers and sellers with three business days after execution of the contract of sale to obtain a New Jersey attorney to review, disapprove, and propose changes to the contract.
New Jersey attorney review process commences when an attorney disapproves the contract in its current form and proposes changes to specific terms of the contract. The attorney review period may last longer than three days but an attorney must disapprove the contract no later than three business days after the contract is signed.
New Jersey Real Estate Contract of Sale Terms
The following are some of the most common terms that may be amended during the attorney review process:
- Deposit terms such as the total amount(s) and due date(s)
- Mortgage contingency terms
- Closing date and place
- Possible tenancies
- Reimbursement to buyer of certain expenses in limited circumstances
- Certificate of Occupancy issues
- Terms of all property related inspections
- Seller’s representations and guarantees (or lack thereof)
- Buyer’s obligations prior to and after closing
- Seller’s obligations prior to and after closing
- Other contingencies
There are many other Contract of Sale terms that may need to be modified during attorney review. The consequences of not obtaining a New Jersey real estate attorney can be devastating while legal representation is more affordable than ever. Protect your investment and get an attorney!