Trevor, how business is conducted in another state is interesting, but it isn't really relevant to the question, which was asked in regard to a home purchase in southern NJ.
I do have a question for my fellow NJ (southern) agents.............in regard to the attorney review - does the title insurance company have an attorney review the contracts during those initial 3 days?
If not, then who oversees the review?
As a point of information for Ruthmarie - When attorneys are involved, they start off with a letter that officially "cancels" the contract in its current form.......... then state it would be acceptable with the following changes incorporated - their "review letter" would make their changes with the verbiage and also alter anything such as closing dates or fine tune some of the terms. Most real estate attorneys have standard phrasing and changes they incorporate into the contract.
With Opinion 26 (something you will sign along with the contract Ruthmaire), although it states one does not have to obtain an attorney, it is recommended..... and it also clearly states that we, as agents, cannot give legal advice............I would assume that means we cannot or should not make changes to a legal contract.......it always has been a bit confusing to me as to exactly what, if any , legal representation a buyer is getting in the areas of the state where attorneys are not commonly used. .....for example - who steps in if one party breaches the contract?
I suppose if the title company's attorney takes the position as legal advisor, my question is answered!