Attorney Review Process in NJ

Posted by Susan Zanzonico on Friday, June 27th, 2008 at 7:57am.

The attorney review process begins after terms are agreed on a given contract. I am writing this because I find that many of my Buyers and Sellers may not be familiar with various areas of the real estate process. As a REALTOR for New Jersey real estate in towns along the Midtown Direct to include Millburn, Summit, Madison, Chatham, Morristown, Harding and beyond, it is part of my job as a service to my clients to educate you on the real estate home buying process. In my real estate area of New Jersey which includes Summit, Millburn, Morristown, Chatham, Madison and Harding, Sellers and Buyers almost always have an attorney representing them on their real estate transaction. This attorney should be a "New Jersey Real Estate" attorney because state laws differ.

Attorney Review

The signed contract is either faxed or hand delivered to the Buyer and Seller attorneys. The first day of attorney review begins when both attorneys have a copy of the signed contract. During the attorney review period, the Buyer is free to find another home and the Seller can find another Buyer. Either party is free to walk away for any reason or no reason at all. Attorney review usually lasts 3 days, but can be shorter or the Buyer and the Seller may agree in writing to extend the three-day period for attorney review.

During Attorney Review

Attorneys study and review the details of the contract during attorney review and make appropriate changes. Showings on the property may continue while it's in attorney review, although it should be marked as such in the Garden State MLS. This contract becomes legally binding at the end of attorney review unless the attorney for the Buyer or Seller disapproves of the contract. Its as simple as that. If you have any questions regarding this process or would like assistance in purchasing your next home, call Susan Zanzonico on 973-214-5872. I specialize in Millburn, Summit, Chatham, Madison, Harding and Morristown New Jersey for single family homes, townhomes and luxury homes along the Midtown Direct train line.