Attorney Review Period begins once your offer has been accepted, the realtor, if there is one, will usually accept a $1,000.00 initial deposit to secure the acceptance and will prepare a broker’s contract. This is a bare bones contract which is missing much of the language and clauses that you will find in a contract prepared by a real estate attorney.
Nevertheless, that contract will call for an additional deposit to be made within a very short time. In addition, it will contain an attorney review period, three days in New Jersey, during which your attorney will most likely reject that contract and prepare one his/her own which is much more detailed. The final binding contract will usually call for a closing within 60 days during which many issues must be addressed.
Contact Franklin Montero for more information.