A Contract that is negotiated and prepared by lawyers is binding immediately upon signing. However, a Contract prepared by a real estate broker, in New Jersey, must have an "Attorney Review Clause". This allows for a three day period (defined as three non-weekend, non-holiday days) during which lawyers for the parties can review the Contract and reject same for any reason or no reason at all. While not required, the lawyer can recommend changes that may be acceptable to allow for the reinstatement of the Contract. A non-lawyer cannot reject the Contract; this can only be done by a lawyer. If not rejected within the three day period, then the Contract becomes binding. No one is bound during the attorney review period. Until then, the Seller is able to entertain and agree to any other offer he desires. Unfortunately for you, this is sometimes the result of the requirement for the attorney review period.
*Please note that this is general information only, and not to be construed as legal advice, if you would like a consultation please feel free to call and make an appointment"
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