Home Buying in Waretown>Question Details

jhunter, Home Buyer in Avenel, NJ

When you offer listing price on a home for sale, is there a legal time frame of when the contract should go before attorney review?

Asked by jhunter, Avenel, NJ Thu May 30, 2013

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Diane Glander’s answer
In NJ, once the contract is signed by both parties, the clock starts.
Generally, the contract will go to the attorney for both buyer and seller. One of the attorney generates a letter and the other responds. Once both attorneys agree on the terms of the contracts and the addendums with any changes made by the attorneys, you are considered out of attorney review. It can take hours, days, or even weeks.
However, if either party does not have attorney representation, the contract is considered out of attorney review within the 3 days indicated on the contract.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Jun 1, 2013
It should be noted that if the contract for sale is written by an attorney there is no attorney review period. If you have just an offer there is no contract or any time frames unless you specify such. (the only thing you can do is have your offer expire after a specified time frame ends)
0 votes Thank Flag Link Fri May 31, 2013
No time frame until the seller ACCEPTS the offer and signs the contract. If that hasn't happened, there is no contract, no deal, and no attorney review.
0 votes Thank Flag Link Thu May 30, 2013
You do not mention that the seller has signed or accepted the offer. If I proceed on the assumption that the seller has not yet signed or accepted, then my response is:

A seller is not required to accept any offer.. An offer at full price may not be compelling to the seller if the terms, financing, and time frame do not meet the seller's expectations.

Even if an offer is cash, here's our proof of funds, we'll put it 100% in escrow within 48 hours and we will close whenever you want.....a seller is still not bound to go into contract with the buyer who made that offer.

Sometimes a seller will price very low as a strategy to generate multiple offers and encourage buyers to offer their highest price and best terms. Sometimes it isn't a seller's strategy to generate multiple offers, but the market responds with several offers.

If the seller on the property which interests has been told there is the possibility of another offer coming, the seller may wish to review that offer before responding to you...if he/she has not already responded.

Once a seller and buyer both sign a contract, the REALTORS will forward to the respective attorneys on the same day, or the next day. REALTORS are generally quick to send off an offer to the attorneys. Once the contract is hands of both attorneys and all parties are notified of same and in receipt of a signed copy themselves, or via their attorney, then attorney review begins. It can sometimes be a bit hair splitting to quote the exact time attorney review begins. Rarely, is that an issue. REALTORS are generally very quick to get the signed contracts in the hands of all parties.
0 votes Thank Flag Link Thu May 30, 2013
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Attorney review starts once all parties have received the fully executed contract, and continues for 3 full days, or until one party declares the contract null and void, or both parties fully agree on the contract. The contract price has no bearing on when the attorney review period begins.

As long as both parties have received a fully executed contract (signed by all buyers and sellers) attorney review is under way.

Good luck!
0 votes Thank Flag Link Thu May 30, 2013
The real question is did the seller accept the offer in writing. Have you received a copy of the fully executed contract? If so then you are in attorney review at that point. If you have not received a fully executed contract then the seller may not have accepted the offer. The seller is not required to accept an offer just because it is for the full listing price. Good Luck though.

Ron Sheedy
(732) 239-7452
0 votes Thank Flag Link Thu May 30, 2013
In NC and VA there is no attorney review. Only a few states even require that.
0 votes Thank Flag Link Thu May 30, 2013
Offering the listing price on a home for sale doesn't mean that you get that home. The seller still has to accept the offer that you made but they don't have to accept it. If they do accept your offer then you will most likely need to start doing the things in your contract that you said you would do.
0 votes Thank Flag Link Thu May 30, 2013
if the agreement of sale was not prepared by an attorney then you have an attorney review period. attorney review starts on the next business day after all parties have signed the agreement and have received a copy of the fully signed agreement. If you did not receive a copy of the fully signed agreement yet (or if the seller did not sign the agreement yet) attorney review has not started.
0 votes Thank Flag Link Thu May 30, 2013
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