Attorney Review is a unique step in the home-selling process in New Jersey that allows both the seller and the buyer to have the Contract of Sale reviewed by an attorney. This process occurs once a fully-executed Contract of Sale has been received by both parties, provided that a licensed New Jersey real estate agent prepared the Contract of Sale.
From a Sample Contract
Sample NJ Real Estate Sales Contract (2023).pdf
The Attorney Review phase ensures that both parties understand the terms of the Contract of Sale and have the opportunity to negotiate or even terminate the Contract with the guidance of legal counsel. This process protects the interests of both the buyer and the seller, allowing for fair negotiations and clarity.
Once both the buyer and the seller have signed the Contract of Sale, and copies have been received by both parties, the Attorney Review period begins.
The seller and buyer have three (3) business days to have their respective attorneys review the Contract and choose one of the following actions via a written letter:
During this time, the attorneys will negotiate terms and ensure that their client's interests are protected.
The attorneys will negotiate the Contract's terms, working with their respective clients, until both sides agree. Once all terms are agreed upon, the attorneys sign the final letter, concluding the Attorney Review, and the Contract becomes legally binding.