The NJ Attorney Review Process

New Jersey is one of the few states that has a mandatory attorney review period for most real estate contracts. Once a buyer and seller sign a contract prepared by a real estate agent, it is not legally binding until after this review period concludes.

How it Works:

• The 3-Day Clock: Attorney review begins once the fully signed contract is delivered to both the buyer and seller. It lasts for three business days (weekends and holidays don't count).
• Attorney's Role: During this time, your attorney will review the contract, disapprove it if necessary, and suggest changes to better protect your interests. Common changes involve inspection contingencies, mortgage clauses, and closing dates.
• Negotiations: The attorneys for the buyer and seller negotiate any proposed changes. Once both sides agree, the review is concluded, and the contract becomes legally binding.
• Cancellation: Either party can cancel the contract for any reason during the 3-day attorney review period without penalty.

It's crucial to hire a real estate attorney as soon as your offer is accepted to ensure they have time to act on your behalf.