Three Day Attorney Review
Jan. 12, 2016
In NJ, all Realtor prepared Contracts have a 3 day Attorney Review provision included, therein.
This allows the Realtors to get the contracts signed and the binding between the parties, but allows the buyer and the seller to each see their own Attorney to modify and/or cancel same with the three business day provision.
Many people incorrectly assume that the three days always concludes Attorney Review.
In most cases, one of the Attorneys will send out a disapproval letter. This puts the Attorney Review period in limbo until such time as a modified agreement can be attained. The Attorney Review process can therefore go on for a week or two until one side either cancels the transaction or the terms of a modified agreement are agreed upon. During this Attorney Review limbo time period, either party has the right to cancel the transaction for any reason or no reason whatsoever. It is therefore extremely important that the party in a Real Estate transaction work closely with their Attorney and monitor the status of the deal.
Delays and/or inattention can be very damaging to legal interests in this regard. This makes it all the more important to work with an experienced Real Estate Attorney who is available and efficient in the processing of these matters.