Legal Question in Real Estate Law in New Jersey

Once a contract to sell/buy real estate is signed by both parties, each of them has the right to have a lawyer review the contract and approve it or disapprove it. Disapproving would cancel the contract. Many lawyers will negotiate for some changes that will benefit their client, without taking advantage of the other party, because if that's the result, the other party will not agree and will cancel the contract.

There is a 3-day attorney review period, counting from the date that each party receives a copy of the contract signed by the buyer and by the seller. If the 3 days end without the attorney sending a notice to the other party and the Realtors, the contract is firm and both parties are responsible for complying with its terms and going forward with the transaction.

So long as there is a realistic mortgage contingency, if you (assuming that you are the buyer) can't get a mortgage within the time provided by the contract, you can cancel the contract and get your deposit refunded.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

While I agree with the previous answer you should retain an expert in Real Estate such as myself before you go too far in your Real Estate transaction. The 3 day period for a buyer means that is the time in which an attorney must send a letter by certified mail to both brokers and a copy to the other attorney. This allows the buyers attorney to make changes to the contract. It does not mean that you must have a mortgage in that period of time unles your contract says something different. Every contract that I have been involved in has the buyer getting back their deposit money if they cannot get a mortgage within the prescribed period of time in the mortgage.

I agree with the other authors. It just means, pure and simple, that the original contract can be modified and adjusted, to cover items not originally included, to clarify items that may not be clear, and to expand terms that may be limited or delete terms that may be onerous or not pertinent to the specific transaction. It may also reallocate responsibility from one party to another. That is why the parties have attorneys representing them, to see the contract protects the client.