Contracts
During the New Jersey attorney review period, either party may:
AOnly accept the contract as-is or reject it entirely
BCancel the contract for any reason or propose modifications without penalty✓ Correct
COnly reject the contract if a material defect is discovered
DRaise the purchase price without the other party's consent
Explanation
During attorney review in New Jersey, either party's attorney can disapprove the contract for any reason or propose modifications. If the contract is disapproved, both parties are released and earnest money is returned.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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