Legal Question in Real Estate Law in New Jersey

Re: real estate contract

Once a contract has been signed, it can only be cancelled, without reason, during the 3-day attorney review. Otherwise it can only be terminated as provided for in the contract. As to giving a broker a listing agreement, they are usually given exclusive rights to sell. Bottom line, you can continue to take offers during the attorney review period but must timely cancel if a better offer comes along. This is not the case if you gave the broker an exclusive listing.

Re: real estate contract

Once your buyer and you have signed the contract, in New Jersey there is a three-day attorney review period, during which either party may have an attorney review the contract and approve it or disapprove it. If the contract is disapproved by the attorney for either party, unless the parties want to negotiate changes to the contract that would be approved by the attorney, the contract is canceled.

If the attorney review period has expired, then you have an obligation to sell the house to your buyer. You may continue to SHOW the house, but you are not in a position to enter into another contract, because you cannot sell to 2 different buyers.

You should consult with a real estate attorney near your location to go over the exact facts of your situation and advise you of your obligations and rights.

My NJ Office: Suite 412, Stationhouse, 900 Haddon Avenue, Collingswood NJ 08108, Tel.856-858-7775.

Re: real estate contract

Not until you are out of Attorney Review.

Savy Grant