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I have a property in NJ which I thought I wanted to rent. So I spoke to a broker and filled out the forms. A few months later, I got a call saying someone was interested in renting it for a few months starting the following week. I said great but I would need to do a fair amount of traveling to arrange the place which I did not want to do unless I could be assured we had a deal. The broker said, that the tenant has FedEx the lease, rent and deposit. So off I went to arrange the place, I signed the lease and deposited the checks. The tenant came four days later, picked up the lease and decided she wanted to rent something else. I was told the attorney review begins when she received the fully executed lease, not when it was signed (a week prior). Is this true? Also, isn’t an ATTORNEY supposed to review the lease within three days? Can she just decide to terminate the lease? The wording states pretty clearly that an attorney must review and terminate. I'm pretty annoyed as I believe the tenant and broker has no consideration for my efforts and is treating what is meant to be an attorney review to a get out of jail free card.
I have a property in NJ which I thought I wanted to rent. So I spoke to a broker and filled out the forms. A few months later, I got a call saying someone was interested in renting it for a few months starting the following week. I said great but I would need to do a fair amount of traveling to arrange the place which I did not want to do unless I could be assured we had a deal. The broker said, that the tenant has FedEx the lease, rent and deposit. So off I went to arrange the place, I signed the lease and deposited the checks. The tenant came four days later, picked up the lease and decided she wanted to rent something else. I was told the attorney review begins when she received the fully executed lease, not when it was signed (a week prior). Is this true? Also, isn’t an ATTORNEY supposed to review the lease within three days? Can she just decide to terminate the lease? The wording states pretty clearly that an attorney must review and terminate. I'm pretty annoyed as I believe the tenant and broker has no consideration for my efforts and is treating what is meant to be an attorney review to a get out of jail free card.
It is true that the attorney review period does not begin until each party has a copy of the complete fully executed contract/Agreement for Lease. (when the offer is accepted in kind, or as provided in the agreement).
It is not true that a non-attorney can cancel the agreement within the 3 day period. The attorney review period is an exception to contract principles created in NJ to accommodate unrepresented parties who want to proceed quickly with the transaction through a realtor. Realtors may provide the documents for signing which is a contract SUBJECT TO a contingency - the NJ 3 day right of review by an attorney. Notably, if one party prepares the contract for themselves and another signs, it IS a firm contract AT THAT TIME (with no right of review - same as if an attorney prepared the document, unless of course each puts in a right of review clause).
It is true that the attorney review period does not begin until each party has a copy of the complete fully executed contract/Agreement for Lease. (when the offer is accepted in kind, or as provided in the agreement).
It is not true that a non-attorney can cancel the agreement within the 3 day period. The attorney review period is an exception to contract principles created in NJ to accommodate unrepresented parties who want to proceed quickly with the transaction through a realtor. Realtors may provide the documents for signing which is a contract SUBJECT TO a contingency - the NJ 3 day right of review by an attorney. Notably, if one party prepares the contract for themselves and another signs, it IS a firm contract AT THAT TIME (with no right of review - same as if an attorney prepared the document, unless of course each puts in a right of review clause).
Thanks Jersied! That's what I clearly got from reading the language. I guess I just need to confirm that the tenant is not an attorney - the credit report has her as a home maker. I guess she really should have consulted an attorney as the doc clearly states on the header and in the lease.
Since neither party chose to have an attorney review the lease, the lease should be binding 3 days after all parties receive the fully executed lease. (3 day right of rescission)
Last edited by Sergio M; 06-01-2011 at 07:14 PM..
Reason: sp
Since neither party chose to have an attorney review the lease, the lease should be binding 3 days after all parties receive the fully executed lease. (3 day right of rescission)
It sounds like the tenant cancelled as soon as she got received the fully executed lease unless I am reading it wrong.
It sounds like the tenant cancelled as soon as she got received the fully executed lease unless I am reading it wrong.
But one cannot just cancel after the lease is signed and received - unless it is performed by an attorney within the three day period. The essence of an Attorney Review is to have an actual attorney review the doc to protect the parties, not to give everyone an excuse to get out of a contract because they have a change in heart. Otherwise it would be called a "Three Day review in which you may want to contact an Attorney." Now I just need to decide if I should refund any money. Any thoughts?
Ah. So it seems the 3 day right of rescission does not apply to leases.
I see what you did there
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(and so it doesn't, but the provision the OP is commenting on shouldn't be intermixed with the federal "3 day Right of Rescission" applicable when a person refinances. It is a provision in a NJ lease which permits review by an attorney within 3 days of signing.)
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