Most people do not have the ability to read legal language with a clear understanding of what it means. Lawyers spend years in law school learning to read and write contracts. When an individual enters a contract to buy a house in New Jersey, they are provided with a three day period to engage an attorney to explain the contract to them, to make sure they understand the terms to which they are agreeing, before they are bound by the terms of that contract. That means that, during the three day attorney review period, the contract can be cancelled for any reason, or for no reason at all.
If neither attorney objects to the contract within three days, then the opportunity to object is waived and the contract is set with the terms contained therein. However, if either attorney objects, the attorney review period continues until they are able to agree to terms. Usually, if both attorneys are responsive, the process only takes a few business days. However, if there are more complex issues to be resolved, attorney review can take a little more time.
It is important to have an experienced real estate attorney to guide you through the attorney review process. At Petriello Law, we have a wealth of experience dealing with real estate transactions and we are aware of the important issues that need to be addressed as a part of attorney review. We will help facilitate your purchase or sale while protecting your contractual rights. We are dedicated to making sure you have a good experience from the beginning of attorney review to the closing date.