What is Attorney Review?
Attorney Review provides both buyers and sellers with an opportunity to review and modify the terms of a real estate contract before it becomes binding.
Attorney Review provides both buyers and sellers with an opportunity to review and modify the terms of a real estate contract before it becomes binding.
Once an offer is accepted, Attorney Review will begin. Simply put, Attorney Review is a period during which the buyer and seller consult with their attorneys to review and modify the terms of a real estate contract.
In New Jersey, it's customary for buyers and sellers to have several days to conduct Attorney Review. During this time, both parties can consult with their attorneys and make changes to the contract, including the closing date, inspection timeframe, contingencies, and other terms. If either party is not satisfied with the contract during the Attorney Review period, they can walk away from the deal without any penalties.
The buyer's attorney typically drafts the initial Attorney Review letter, which is then sent to the seller's attorney for review and modification. The seller's attorney may then make changes and send it back to the buyer's attorney for further review.
Once both parties agree to the proposed terms of the contract, Attorney Review concludes. At this point we go Under Contract.
We understand that the legal process can be overwhelming and confusing for many first-time home buyers. That's why we work closely with several local, experienced attorneys who specialize in real estate law. When we reach the attorney review stage of the home buying process, we are happy to recommend attorneys who we know and trust to help guide you through the process and ensure that your interests are protected.
It’s important to choose an attorney who specializes in real estate law and is familiar with the specific laws and regulations in New Jersey. Look for an attorney who has experience in the type of property you are buying and who has a good reputation within the community. We can certainly recommend great local real estate attorneys.
Attorney Review usually lasts for 3-5 business days. Concerns or matters that require further attention may arise, potentially extending the duration of the review process.
The cost of a real estate attorney can vary depending on the attorney's rate, type and cost of the property you are buying or selling. Typically they charge a flat fee ranging between $1,500 - $2,700.
Once Attorney Review is complete, you will go Under Contract. During this time inspections, appraisals are completed and buyer financing is secured.
