ATTORNEY REVIEW

ATTORNEY REVIEW

In 1983 the New Jersey Bar Association entered into a consent judgment with the NJ Association of Realtors to allow licensed real estate brokers and sales persons to prepare contracts for the sale of real estate, provided that each contract contains a clause making the contract subject to attorney review within three business days. Further more, the contract is required to contain language, which makes the contract legally binding and final, unless one of the contracted attorney’s disapproves of the contract’s language during that three day time period. This three business day period, does not include weekend or legal holidays, and begins to run from the day the contract is signed by both Buyer and Seller.   While this seems to be pretty simple, this step is often misconstrued in the transaction. All too often a party will deliver a signed contract after three business days have passed, thinking the attorney has three business days to disapprove the contract from the time the contract is delivered to the attorney. This is simply not the case and will result in that party becoming legally bound to the terms of the contract and not able to negotiate the terms of that contract. Please be conscious of this and heed these time frames.     Jim Mazzerina


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Author:
Phone: 609-618-7683
Dated: October 19th 2014
Views: 508
About Jim: ABR, E-Pro, SRES Jim is originally from north jersey - the Totowa-Little Falls-Paterson area. He...

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