How attorney review can rob you of a house that you have a fully executed real estate agency drawn contract on . . . Once you have a fully executed real estate agency drawn contract in New Jersey and that contract has been delivered to all parties, a 3 day attorney review period begins (in counting the 3 days, you do not count Saturday, Sunday or legal holidays). During the 3 day period, if an attorney disapproves of the real estate agency drawn contract, they will send the other side an attorney review letter which cancels the real estate agency drawn contract. You can think of the attorney review period as a time in which the terms of the real estate agency drawn contract are potentially re-negotiated. Once the contract is cancelled, it allows the Seller the possibility to accept a new higher or better offer. Until the attorney review period expires or is concluded, don’t go popping the Champagne because a lot could happen. Best to never pop the Champagne until closing is complete! Also, once an initial attorney review letter is sent, don’t think attorney review is over for certain in the initial 3 day period as the attorney review period will not be over until attorney review is concluded or in a worst case scenario, when either the Buyer or Seller decide to not move forward with the deal. To get a full understanding of attorney review and what it could mean for you contact an attorney the moment you have a fully executed real estate agency drawn contract or better yet – before you do.
Looking to buy or sell on LBI? Call me at 609-300-3899.
Email: lbideidre@gmail.com
Insta: deidre_martin_lbi
Website: lbideidre.com