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Angel51, Home Seller in Columbus, NJ

When does attorney review start on a contract on a sale of a home?

Asked by Angel51, Columbus, NJ Thu Sep 29, 2011

We signed the contract after the buyer did but we had to make one change which we initial and gave back to the buyers.

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16
Attorney review begins when the contract is fully executed by both parties. Though it is thought of as a 3 day period, it lasts as long - or as short - as it takes to conclude. The process kicks off with one attorney sending a letter to the other and continues as long as the dialogue continues and until there is an agreement between them on behalf of their clients.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
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1 vote Thank Flag Link Sat Oct 1, 2011
Since we are real estate agents and not lawyers. Here's a quick link to New Jersey lawyers clarification:
http://www.newjersey-legal-guide.com/AttorneyReview.html
Just to keep it clear.
1 vote Thank Flag Link Thu Sep 29, 2011
Can you shorten the review period. Our review started Thursday and There is a open house this weekend. Can I ask for written approval on Sat. So we don't lose the house?
0 votes Thank Flag Link Fri Mar 8, 2013
The next business day following both the buyer and seller's receipt of a fully executed contract. It runs three business days and expires day 3 @ midnight. The exception to this rule is if an attorney disapproves the contract. Then it is up to the attorneys to wrap up the attorney review process.
0 votes Thank Flag Link Fri Sep 30, 2011
.........thanks Dennis!.......
0 votes Thank Flag Link Thu Sep 29, 2011
oy...sorry Angel - your fairly simple question has turned onto a saga!!
:)

just a quick addendum to Nayna's addendum.......we, as agents, cannot change the attorney review or "stipulate" that the time period can be counted using calendar days.......the attorney review is written and set forth by the NY Supreme Court!!!

One more time...........The attorney review begins the FIRST BUSINESS day following the receipt of a fully signed/initialed contract by the buyer and seller....it doesn't have to end within 3 business days - it just has to begin within that time frame, otherwise the contract, as written, becomes binding. The attorneys may agree to extend it.

And on that note.....pleasant dreams everyone!
0 votes Thank Flag Link Thu Sep 29, 2011
Just a quick addendum on this one. Attorney review will typically commence on business days unless otherwise stated. If calendar days are stipulated, then each day including weekends will be counted.
0 votes Thank Flag Link Thu Sep 29, 2011
Debbie Rose has it right. The contract though, is not valid until the final (approved by all) contract has reach every last party who signed. At that point a valid contract exists and the clock starts. Skipping the weekend and holidays. Attorney review was implemented to protect consumers from unscrupolous people, but, does not require an attorney to actually see it. It never hurts to have one check it, because, it's too late afterwards.
0 votes Thank Flag Link Thu Sep 29, 2011
actually, Mary, they weren't all the same -- one from out of state was confusing.... and one from in-state was wrong........ and needed clarification.
0 votes Thank Flag Link Thu Sep 29, 2011
Wow.....6 ways to answer the question the same way....
0 votes Thank Flag Link Thu Sep 29, 2011
Re: attorney review:

" You count the three days from the date of delivery of the signed contract to the Buyer and the Seller, You do not count Saturdays, Sundays or legal holidays."
0 votes Thank Flag Link Thu Sep 29, 2011
It is my understanding that attorney review (in New Jersey) starts after both attorneys (the buyer's and seller's) have received the fully signed contract (signed by both all buyers and sellers with any changes initialed).
0 votes Thank Flag Link Thu Sep 29, 2011
Hi Angel
Until the buyer initials the change AND you receive a copy of the intialed contract, the attorney review doesn't officially begin.

The fully signed contract is supposed to be returned to YOU, not necessarily the attorney, as there is no requirement that you use an attorney. In parts of the state the title company handles the closing....whereas in my part of the state usually the attorney handles it all.

We, as agents, strongly urge buyers and sellers to use the services of an attorney, but, as per Opinion 26, it is not required...just highly suggested. We, as agents, cannot give you legal advice.

Check with your agent to see what the current status is......he or she should know.

Good luck!!
0 votes Thank Flag Link Thu Sep 29, 2011
It starts once the buyer and seller recieve a fully executed copy of the agreement.... fully exectuted means all changes are initialed and "recieved" means you got a copy of it and you normally initial that you recieved your copy.


I hope that's helpful... if so, click the "thumbs up" below,

Joe
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0 votes Thank Flag Link Thu Sep 29, 2011
Attorney review starts at the effective date of contract the attorney usually has a couple of days per contract to review check with your agent as to how your contract reads.
0 votes Thank Flag Link Thu Sep 29, 2011
As soon as both buyer and seller have formally signed all the changes. it should get i nto the attorneys hands within 24 hours.
0 votes Thank Flag Link Thu Sep 29, 2011
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