Buying or selling real estate can be very burdensome and complex. One of the most important times of the home buying process, after you make the big step of signing the contract, is entering the three-day attorney review period. The three-day period begins when the contract is executed by the seller and buyer, and buyer receives the fully-executed copy.
What’s Three-Day Attorney Review?
In New Jersey, the sales contract is a standard real estate sales form approved and issued by the New Jersey Association of Realtors. This contract should be reviewed by an attorney once both the buyer and seller sign the contract. If you decide you’d like an attorney to represent you in your transaction, it is imperative that the contract is sent to the attorney immediately. The three-day attorney review process begins when the contract is fully executed and ends 3 business days later (excluding weekends and holidays). Retaining your attorney quickly and sending the contract without delay can help facilitate a smooth purchase or sale. Although this is not an exhaustive list of tasks your attorney may undertake during the attorney review process, your attorney can:
- Review the contract for fairness and accuracy. The attorney can review the form contract for accuracy and fairness. He or she will consult with you regarding the terms of the contract and what changes you may be requesting or if the terms are accurate.
- Engage in negotiations on your behalf for credits or concessions. The attorneys for the parties will engage in discussions regarding the terms of the contract. Any changes will be added to a Rider or Riders to the contract
- Make changes on a rider to contract. The parties can exchange a Rider or Riders that list all the changes to the contract.
If you have questions about retaining the services of an experienced real estate attorney, contact our firm today so we can discuss your situation.
If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.