Helping you buy or sell or refinance your home…do you know all the pieces?
There’s more to buying or selling a house than signing the contract. Are you prepared to propose modifications during attorney review, multiple inspections and negotiation of repairs…title search problems and resolution…closing and occupancy issues? Even a transfer of title between spouses and family members requires careful attention.
The sale or purchase of real estate is an extremely important transaction. It may be the largest investment you will ever make. Protect yourself by getting legal advice from Anna-Maria Pittella on the contract and guidance throughout the real estate buying/selling or title transfer process from Attorney Review to closing.
Representing Buyers and Sellers
The Attorney Review (Clause N.J.A.C 11:5-6.2) applies to all transactions where a licensed real estate broker prepares the contract.
The clause allows the Buyer and Seller to choose an attorney to study the Contract before it becomes final after three days without any modification. If an attorney is consulted, the lawyer must complete the Contract review within three days. The Contract will be legally binding at the end of this period unless an attorney for the Buyer or Seller disapproves it.
The three days are counted from the date of delivery of the signed Contract to the Buyer and Seller, depending on the last one to receive it. Saturdays, Sundays and legal holidays are not counted. If either attorney disapproves the Contract, the attorney must notify the real estate agent and the other party named in the contract within the three day period. Otherwise the Contract will be legally binding as written. The attorney must send notice of disapproval to the real estate agents by email, certified mail, telegram or by personal delivery. The email, telegram or certified letter will be effective upon sending. The personal delivery will be effective upon delivery. Although not required, the attorney may also inform the real estate agent and other party of any suggested revisions that would make the contract satisfactory.
It is important for you to know: The Contract drawn by a real estate agent is only a proposed Contract. It does not actually take effect until the three day period has expired and then only if it has not been disapproved by the attorney for either side.
The review clause is specific about a three day period and how it should be counted. The count does not begin when the real estate agent or attorney receives the contract, but when the parties receive it.
If the contract is drawn by an attorney, there is no right of a three day review. It must be modified BEFORE it is signed. Otherwise the parties are bound by the terms.
For more information about Attorney Review, and if you have any questions about real estate law, contact Anna-Maria Pittella now.