You’ve signed a contract with a realtor, the emotions have settled, and you’re wondering: what’s next? In the state of New Jersey, unlike many other states, a signature on a contract is just the beginning. You have a specific window of time to protect your interests.
The clock starts ticking from the moment you receive a copy of the contract
In New Jersey, there is a so-called 3-day Attorney Review Period. This is the time during which your attorney can void the contract without giving a reason or – which happens most often – completely change its terms to your advantage. If you miss this deadline, the contract becomes binding in the form in which you signed it.
What should your lawyer change in the contract?
Standard forms from real estate agents do not always protect the buyer. Here is what we change most often:
- Inspection issues: We secure your right to withdraw if the house has hidden structural defects or, for example, an underground oil tank.
- Financing issues: What if the bank doesn’t approve the loan? You must be sure that you will get your deposit back.
- Deadlines: Agents want a quick closing, we fight for the time needed to thoroughly check the property title.
Remember, buying a home in the Princeton area or anywhere in Mercer County is a legal process, not just a commercial one. Check out how I help with closing real estate transactions.
