Clients are always asking about the Attorney Review process, what it entails, and why it is important for them as both a buyer & a seller. Guest Blogger & Attorney extraordinaire, Susan Taylor, Esq. explains everything!
Congratulations on your Contract! Buying or selling a property is an exciting time, but can also be stressful. Knowing the initial steps in the transaction is a helpful way to manage the process. I am a real estate attorney in New Jersey and thought it may help to explain a local law known as the “attorney review.” As it may differ from other states, New Jersey mandates a three day period, whereby a Buyer and Seller can consult an attorney to review the contract and confirm its terms.
During the review, an attorney can take three actions: (1) approve the contract (2) disapprove and terminate the contract outright or (3) disapprove the contract but suggest modifications to make it acceptable, which is the most common option. Overall, the standard New Jersey realtor form of Contract is straightforward, but there are some areas that merit a finer review. At this time, your attorney can make sure you understand the contract and add some provisions to protect your interests. Moreover, an attorney focuses on the legal elements and confirms how title should read.
Your relationship with your attorney is valuable and can help make the transaction smooth. We are in a particularly vibrant spring season, with many properties seeing multiple offers and changes in the conditions of the contract. Make sure you consult a New Jersey real estate attorney to protect you and guide you through this busy process. Along with your realtor, we try make the experience positive and efficient.Susan C. Taylor, Esq. P.O. Box 840 13 Beechwood Road Summit, New Jersey 07901 908-277-2727 908-277-3954 facsimile firstname.lastname@example.org