In New Jersey, this is a clause that must appear in all purchase and sale agreements and all leases prepared by real estate licensees, allowing buyers and sellers a period of three days to consult an attorney who can review and cancel the contract or lease without penalty.
The attorney review entails more than just going over a contract. Additional legal counsel that may be provided includes appraisal contingencies and other contract cancellation rights. The attorney will also need to receive documents such as permits, leases, deeds, and titles, as well as information about the property's status and any ownership issues.
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