Are you planning to purchase a home in New Jersey? Understanding the intricacies of the real estate process in the Garden State is crucial for a smooth transaction. One essential aspect of home buying in New Jersey is the Attorney Review Period. This period provides an opportunity for both buyers and sellers to seek legal counsel and review the terms of the contract before it becomes binding. Here’s what you need to know:
What is the Attorney Review Period?
The Attorney Review Period is a unique feature of real estate transactions in New Jersey. After the buyer and seller have reached an agreement and signed a contract, both parties have three business days to have the contract reviewed by their respective attorneys. This period begins on the date the last party signs the contract.
Purpose of the Attorney Review Period
- Legal Protection: The Attorney Review Period ensures that both parties have the chance to have the contract reviewed by legal experts to protect their interests.
- Negotiation: During this period, either party’s attorney can propose modifications to the contract’s terms. This negotiation process allows for amendments that are agreeable to both parties.
- Cancellation: If either party’s attorney advises against the terms of the contract or if the parties cannot reach an agreement on modifications, either party can cancel the contract within the three-day review period without penalty.
