In New Jersey, Realtors use a standard real estate purchase contract form which has been approved for use by the New Jersey Association of Realtors. This standard form is used for the re-sale of a one to four family residential property (including condos) or vacant one family lots. This is a legally binding contract that becomes final within three business days after signing by both parties (the "attorney review period"). During this period either the buyer or the seller may consult an attorney who can review, modify, and/or cancel the contract. The three day attorney review period can be shortened or extended with agreement of the two parties. To meet the requirements of the New Jersey Real Estate Commission, the standard contract must also include signed copies of Opinion #26 and, if the property is older than 1978, Addendum A the Lead-Based Paint Disclosure and Acknowledgement.
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