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Old 05-31-2011, 02:49 PM
 
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Just wondering how it works. It seems like it should, but then the entire process could be dragged out for weeks
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Old 05-31-2011, 02:54 PM
 
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Originally Posted by sonofagunk View Post
Just wondering how it works. It seems like it should, but then the entire process could be dragged out for weeks
When attorney review begins, the contract is basically cancelled pending approvals. So in effect, once the attorney review period begins, it is open ended until the attorneys are in agreement. This can take hours, days, weeks, or end in the deal being cancelled altogether.
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Old 05-31-2011, 07:27 PM
 
Location: New Jersey
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Originally Posted by Marc Paolella View Post
When attorney review begins, the contract is basically cancelled pending approvals. So in effect, once the attorney review period begins, it is open ended until the attorneys are in agreement. This can take hours, days, weeks, or end in the deal being cancelled altogether.


FYI - The attorney review period in NJ starts when all parties have signed the contract and have received a copy (with all signatures). That's important because logistically speaking, sometimes completed contracts are not received right away, especially in complex transactions, or if a party makes a change after one party signed, which in turn has to be initialed by the first party, etc.

If (when) the attorney cancels the contract, there is no longer a time period (3 day window) that will expire - see above post. Sometimes unusual circumstances will prolong the process, but those are rare in residential transactions. (Certainly if both attorneys fail to communicate to each other that one of them has canceled the contract within the 3 day window, it becomes firm, meaning time to get inspections completed has begun.
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