How Long Does Attorney Review Take in New Jersey?

When you found your dream home or are selling your house, and now it’s time for the attorney review.

This step is crucial for the real estate process.

It’s important to know how long it takes and what happens during this phase.

The article provides a comprehensive guide to attorney review in New Jersey, including what it means, how long it takes, and what happens during and after attorney review.

An Image of an Attorney Review
How Long Does Attorney Review Take in New Jersey? Photo Source (Freepik)

Purposes of Attorney Review in New Jersey

It aims to protect both the buyer and seller by carefully examining the contract.
Real estate agents draft the contract, which is then signed by both parties and sent to their respective attorneys.
Lawyers review the contract, suggest changes, and play a vital role in preventing disadvantageous deals.
The process involves analyzing additional documents and addressing liens, mortgages, ownership issues, and potential lawsuits.
Contingencies, such as financial, real estate, appraisal, inspection, and home sale conditions, can be included in the contract.
Seeking guidance from a real estate attorney is essential to navigate this process effectively.

Attorney Review Timeframe in New Jersey?

The attorney review period is three business days, beginning when both the buyer and seller get the signed contracts.

If there’s no response within this time, the contract becomes final.

They can extend this period if both agree in writing.

Does the Attorney Review Period Truly Last for Three Days?

The attorney review period is counted in business days, not including weekends and holidays.

Let’s say the contract is given on Thursday; we start counting on Friday. Saturday and Sunday don’t count.

If Monday is a holiday, the clock stops on Wednesday, unless both sides agree differently.

When the buyer or seller doesn’t like the contract, their lawyer has to tell the realtor and the other party before the 3-day review is over.

If not, the contract stays valid.

Rejected contracts within this time become void with no more obligations.

Lawyers often pause the clock when they say they don’t like something and suggest changes for the realtor to add.

Is It Possible to Speed Up or Delay the Attorney Review Period?

The attorney review is the final chance to address issues after both parties sign the contract.

Given its short duration of 3 business days, take the time to thoroughly review the contract with your attorney, ensuring a smooth home-buying process.

Conclusion

The attorney review is a crucial step in buying or selling a home.

It ensures that the contract is fair and protects both the buyer and seller.

The review period lasts for three business days, not counting weekends or holidays.

It’s important to carefully go through the contract with your attorney during this time to make sure everything is for a smooth home-buying process.

Further Reading!