How does the attorney review period work?

On Behalf of | May 15, 2020 | Real Estate Law |

As you prepare to buy a new home, feelings of excitement may mask any concerns you have. Yet, making sure you have a satisfactory real estate contract is crucial for the sale to move ahead. These contracts can contain ambiguous language. And they may also include provisions that put you, the buyer, at a disadvantage. By taking advantage of New Jersey’s attorney review clause, you can protect yourself from any pitfalls that may arise.

Understanding New Jersey’s laws

When homebuyers and sellers enter into a real estate contract in New Jersey, they have three business days to review it with their attorneys before it becomes binding. During this time, both parties’ attorneys can propose changes to the contract. If the revisions made by either lawyer face disapproval, they will not remain in the final contract. And if both sides cannot reach an agreement on the final terms, either party’s attorney can cancel the contract. Once both parties sign the agreement, no further changes can occur.

Why attorney reviews are important

Having an attorney review your real estate contract can help you protect your interests in the transaction. For instance, your contract may contain unclear language or restrictive terms – such as limitations on the home inspections you can perform. In these cases, your attorney can clarify its provisions or revise unreasonable clauses. Their advocacy can it more likely these changes will make it into the final contract without serious contention.

Real estate contracts can confuse even the most diligent homebuyers. No matter how straightforward your agreement is, it’s important to get professional help reviewing it. An attorney with real estate experience can help ensure it is fair, clear and sound.