James and his wife sign a purchase contract for a home in Princeton, New Jersey on a Monday. Their attorney sends a notice of disapproval on Wednesday afternoon. Which New Jersey legal protection does this scenario most likely involve?
Correct Answer
C) The three-business-day attorney review period under the New Jersey Standard Form contract
New Jersey's Standard Form residential real estate contracts — as developed by the New Jersey Association of Realtors and the New Jersey Bar Association — include a three-business-day attorney review period beginning the day after all parties have signed. During this period, either party's attorney may disapprove the contract, propose modifications, or allow it to stand as written. James's attorney sending disapproval on Wednesday (two business days after Monday signing) falls within this window.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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