In New Jersey, what is the attorney review period that applies to most residential real estate contracts?
Correct Answer
A) Three business days following the signing of the contract by all parties
New Jersey's attorney review period is three business days from the date the contract is signed by all parties and delivered to both buyer and seller. During this period, either party's attorney may disapprove the contract for any reason, propose modifications, or allow it to stand as written. This right is established by the New Jersey Supreme Court's 1983 decision in Weichert Realtors v. Ryan and is a uniquely New Jersey practice that functions as a built-in contingency in virtually every standard residential contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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