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.
Author:Jim Mazzerina 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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