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Legal IssuesIs a three-day attorney review necessary?
Does Pennsylvania law require a three-day attorney review period before a residential agreement of sale is a binding contract? This question, or a variation, is frequently asked of Hotline Attorneys.
Unlike in New Jersey, no such requirement exists under Pennsylvania law. The New Jersey attorney review clause is a creature of statute that was reached by agreement between the New Jersey Association of REALTORS® and the New Jersey Bar Association, and ultimately adopted by the New Jersey legislature. Licensees may be familiar with the three-day right to rescind that is most commonly seen in residential refinance transactions, and sometimes (though not always) this leads to the “attorney review question.” The three-day right to rescind and the New Jersey Attorney Review requirements have different origins, different goals and different actions for which they seek to provide consumers protection.
When in doubt, check with your broker, your attorney, or the Legal Hotline!
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Brett Woodburn, Esq. is an attorney with Caldwell & Kearns and serves as general counsel to PAR. A substantial portion of his practice is dedicated to providing advice and counsel to real estate licensees and representing and defending real estate salespersons and brokers in civil lawsuits and licensing claims across the Commonwealth. He routinely counsels employers on employee relations issues as one of the voices of the PAR Legal Hotline. |
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