​"What is attorney review and how long does it last?" Is a very common question asked by first time home buyers and sellers. The first time you might hear about the attorney review will usually occurs right after you have successfully negotiated the purchase and/or sale of a home.

It is now that you will enter into attorney review and really start asking what this actually means.

Believe it or not when a Realtor prepares the contract it is not yet a binding contract even after all parties fully sign and execute. What???

At the very top of the first page of any purchase agreement completed by your real estate agent or broker in NJ it says:

"This is a legally binding contract that will become final within three business days.  During this period, you may choose to consult an attorney who can review and/or cancel the contract.  See section on attorney review for details"

So, what exactly does this mean?

During this period of 3 business days, your attorney can cancel the contract.  For any or no reason whatsoever.  But the contract can only be canceled by your attorney on your behalf.

During this same period, the other party can also have the contract canceled, for any or no reason. Typically during this period, however, the parties' attorneys add and clean up the language, clarify issues, and to legally better represent their clients' needs and to best protect their clients' interests.  However, this is not where the terms are re-negotiated.

A common question buyer/sellers what to know is when does the attorney review end? Attorney review ends when the attorneys for buyer(s) and seller(s) have completed their revisions and approved each other's revisions.  That could be in 3 hours, 3 days or 3 weeks or any other time period imaginable. During this time both buyer(s) and seller(s) are vulnerable.

In more than one occasion, a buyer has lost a home because another offer was submitted to the seller during attorney review that was more favorable to the seller.  The seller was able to cancel the first contract and enter into attorney review with the second buyer. Conversely, a buyer who sees another home they like better can also cancel the contract that is in attorney review to pursue a purchase on the other home.

So how do you avoid losing your sale or purchase and conclude attorney review, you ask? Simple but not necessarily easy. Choose to work with a local real estate attorney.  An attorney who is not available to review your contract and respond to the other party's attorney on a timely basis can cost you your sale or purchase.

Communicate clearly with your attorney and be sure to express not only your needs but also your desire to conclude attorney review in a timely basis to have a binding contract.

It is important to have a real estate attorney that is available when you need them and not just 9 to 5. If you are looking for an attorney who isn't just 9 to 5 you have come to the right place. Please feel free to reach out anytime.