In a realtor prepared real estate contract, “attorney review” refers to a 3-day period where both the buyer and seller have the right to consult with an attorney. Either party can cancel the contract for any reason by having an attorney send a “notice of disapproval”. Rather than cancel the contract, it is typical that the attorneys review the terms of the contract, make any necessary changes, and communicate them with the other party in the transaction for approval.
What happens during those three days?
The three-day attorney review period begins when both the buyer and seller receive a copy of the signed contract of sale. Weekends and holidays do not count towards the three days. The 3-day period begins the business day after both parties receive the signed contract. If neither party wants to have an attorney review the contract, it becomes binding as written after the 3 day period. However, it is highly recommended to take advantage of this period and hire a real estate attorney.
Why do you need a real estate attorney to review your contract?
It is imperative to have a qualified, experienced real estate lawyer review your contracts. Your attorney’s job is to ensure your interests in the property are being protected. In New Jersey, there is a “standard” contract used by most real estate brokers and agents. However, it does not always fit every situation. An attorney can identify any inappropriate provisions in your agreement and tailor the contract towards your interests. The purchase of a home is probably one of, if not the most, significant financial transactions you will undertake in your lifetime. With that in mind, it is imperative to hire a real estate attorney who will keep your best interests in mind.
Our experienced real estate legal team works tirelessly to ensure that your interests are being looked after fairly and legally in all home purchases and sales. Do not hesitate to reach out to us with any questions.