One of the most unique aspects of buying or selling a home in New Jersey is the attorney review period. Unlike many other states where a signed contract immediately becomes binding, New Jersey allows buyers and sellers a short period of time for their attorneys to review the agreement before it becomes final. This often leads to one of the most common questions in a real estate transaction: Can I change my mind during attorney review?
The short answer is yes, but there are important rules and deadlines that every buyer and seller should understand. Knowing how attorney review works can help you make informed decisions, avoid unnecessary stress, and prevent misunderstandings during one of the most important stages of the transaction.
What Is Attorney Review?
Most residential real estate contracts prepared by real estate agents include a three-business-day attorney review period. During this time, the contract is not yet considered fully binding because either party’s attorney has the opportunity to review the agreement and suggest changes or disapprove it entirely.
Attorney review begins once the contract has been signed by both the buyer and seller and each party has received a fully signed copy. Weekends and legal holidays are generally not counted toward the three-business-day period, which means attorney review often lasts longer than three calendar days.
This review period gives both parties an opportunity to have an attorney examine the contract, explain its terms, recommend revisions, and identify any legal issues before the agreement becomes final.
Can Either Party Cancel the Contract?
One of the most significant features of attorney review is that either party may cancel the contract before attorney review has concluded. In many situations, no specific reason is required.
For buyers, this provides an opportunity to reconsider the purchase after speaking with an attorney or learning new information about the property. For sellers, it provides flexibility if circumstances change or another issue arises before the contract becomes binding.
Once attorney review has ended and the contract becomes final, walking away from the transaction becomes much more complicated and may carry legal or financial consequences. That is why attorney review is such an important stage of the process.
Attorney Review Is About More Than Making Changes
Many people assume attorney review simply involves making minor revisions to the contract. While contract modifications are common, attorney review serves a much broader purpose.
An attorney may recommend changes involving inspection rights, financing deadlines, closing dates, title issues, personal property included in the sale, or other important terms. Depending on the circumstances, additional protections may be appropriate for one or both parties.
Sometimes the contract already reflects the parties’ intentions and only minor revisions are necessary. In other cases, significant concerns are identified that require additional negotiation before moving forward.
Negotiations Can Continue Beyond Three Days
A common misconception is that everything must be completed within the three-business-day attorney review period. In reality, once an attorney properly disapproves the contract and begins negotiations, attorney review can continue beyond those initial three days until both parties either reach an agreement or decide not to proceed.
During this time, attorneys exchange proposed revisions and negotiate language that protects their clients’ interests. The transaction does not move forward until both sides agree to the final terms.
Because of this, buyers and sellers should avoid making assumptions about the timeline. Attorney review is often completed quickly, but more complex transactions may require additional discussion before everyone is comfortable moving forward.
Why Buyers and Sellers Should Wait Before Making Major Plans
Because either party can cancel the contract during attorney review, it is generally wise to avoid making significant commitments too early.
Buyers should consider waiting before scheduling movers, purchasing new furniture, or making expensive improvements for the property. Sellers should also be cautious about making irreversible moving arrangements until attorney review has concluded and both parties have a binding agreement.
While many transactions move smoothly through attorney review, recognizing that the contract is still being negotiated helps manage expectations during the early stages of the purchase.
The Value of Experienced Legal Guidance
Attorney review is often the first opportunity for buyers and sellers to receive legal advice tailored to their specific transaction. Every property is different, and every contract deserves careful attention.
At The Law Offices of Agnes Rybar LLC, we guide buyers and sellers through every stage of the attorney review process, making sure contracts accurately reflect their interests and protecting their rights before the transaction moves forward. If you are buying or selling a home in New Jersey, contact us today to schedule a consultation and receive experienced legal guidance from the contract through closing.
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