Attorney review is the first critical period of any real estate sale.
It is the period AFTER the agreement is signed when buyer and seller's attorneys review the contract and make any necessary changes, additions, etc.
IMPORTANT !! If you are selling a home off-market, with no realtor, attorney review is NOT required in New Jersey.
Do not let a shady home buyer use this loophole to trick you into bypassing attorney review!
If there is a broker involved in the transaction, then attorney review is mandatory,
But regardless if it's required by law or not, you should always have a lawyer look over the contract!
Attorney review lasts a minimum of 3 days, but is often longer. The review period does not end until both attorneys approve all of the revisions made to the original agreement.
During this time, either party can cancel the contract for any reason whatsoever. No valid reason is required and the other party likely can’t seek damages or pursue legal action.
Once attorney review is over, the contract becomes binding on both parties. The deal is not "firm" until then.
No buyer should EVER try to convince you not to use an attorney or to skip attorney review. If the buyer is reputable and honest, he/she will not care if you have a lawyer review the contract.
If you are really nervous, It's ok to have a lawyer look at the contract before signing it. But even if you make a mistake, attorney review will allow you to change or cancel the contract altogether.
Remember, this information here is intended for educational purposes and should not be construed as legal advise. Please consult directly with an attorney for legal questions