When Does Attorney Review Start in NJ?
Attorney review is a critical part of the real estate transaction process in New Jersey. It is a period during which the buyer and seller have the opportunity to consult with an attorney and review and modify the terms of the contract. This article will provide an overview of when attorney review starts in New Jersey and answer some frequently asked questions about the process.
In New Jersey, attorney review typically begins once an offer to purchase real estate has been made and accepted by both the buyer and seller. It is important to note that attorney review does not start automatically; it must be initiated by one of the parties involved. Once the offer is accepted, the clock starts ticking, and the parties have three business days to consult with their respective attorneys.
During this three-day period, either party’s attorney can disapprove or suggest revisions to the contract. If a disapproval is filed, the contract becomes null and void, and the parties can renegotiate the terms or walk away from the deal altogether. If revisions are suggested, the other party has the opportunity to accept or reject them. If both parties agree to the revisions, the contract becomes binding and enforceable.
The attorney review process allows the parties to ensure that their interests are adequately protected and that the terms of the contract align with their expectations. It provides an opportunity for attorneys to identify any potential legal issues, negotiate changes, and advise their clients accordingly. It is crucial for both buyers and sellers to have legal representation during this period to ensure their rights and interests are protected.
FAQs about Attorney Review in NJ:
Q: Can attorney review be waived in New Jersey?
A: No, attorney review cannot be waived in New Jersey. It is a mandatory process designed to protect the interests of both parties involved in a real estate transaction.
Q: Can I choose any attorney to represent me during the attorney review process?
A: Yes, you have the freedom to choose any attorney licensed to practice law in New Jersey to represent you during attorney review. It is advisable to select an attorney with experience in real estate transactions to ensure they can effectively navigate the process.
Q: How long does attorney review typically last?
A: The attorney review period in New Jersey lasts for three business days. It is important to note that weekends and public holidays are not considered business days.
Q: What happens if attorney review does not result in an agreement?
A: If attorney review does not result in an agreement, either party can choose to terminate the contract. However, it is important to consult with your attorney before taking any action to understand the potential consequences and explore alternative options.
Q: Can attorney review be extended if more time is needed?
A: Yes, the parties can agree to extend the attorney review period if additional time is required. However, it is important to document any extensions in writing to avoid any confusion or disputes later on.
In conclusion, attorney review in New Jersey is a crucial step in the real estate transaction process. It provides an opportunity for both buyers and sellers to consult with their attorneys, review the terms of the contract, and negotiate any necessary revisions. Having legal representation during this period is essential to ensure that your rights and interests are protected. Remember to consult with your attorney and ask any relevant questions during the attorney review process to make informed decisions about your real estate transaction.