New Jersey Three-Day Attorney Review, Oil Tank Sweeps and Closing Timeline
Updated October 2026
A signed New Jersey contract is not yet a deal. Under the state's attorney review practice, either party's lawyer can disapprove and rewrite the contract within 3 business days of delivery of the fully signed agreement. Weekends and holidays do not count, and the clock starts on delivery, not signature. Until that window closes, the seller can still accept another offer and the buyer can still walk, which is why experienced agents push to clear review before ordering appraisals or paying for inspections.
What Happens During and Just After Review
- Attorneys revise closing dates, mortgage contingency language, repair caps and the inspection period.
- The deal becomes binding when both attorneys approve in writing or the window lapses untouched.
- Inspections generally begin immediately after review ends, often on a 10 to 14 day contingency.
- Lock decisions usually wait for a binding contract, though a lock can be placed earlier if you accept the risk.
Oil Tank Sweeps and Environmental Conditions
New Jersey's older housing stock, especially homes built before the 1970s in Essex, Union, Bergen and the shore towns, frequently sits on buried heating oil tanks that were abandoned rather than removed. An oil tank sweep uses magnetic and ground-penetrating survey work to find them. If a tank is located, the file typically stalls until it is removed, soil is tested and a no-further-action determination or remediation plan exists. Lenders and title companies both care, because contamination is a lien risk.
| Milestone | Typical Day | Notes |
|---|---|---|
| Attorney review ends | Day 3 business | Contract becomes binding |
| Inspections and oil tank sweep | Days 4 to 14 | Sweep ordered with general inspection |
| Appraisal ordered | Day 5 to 10 | After review clears |
| Mortgage commitment | Day 25 to 35 | Contingency date in contract |
| Closing | Day 40 to 60 | Deed recording and fee collection |
At the closing table, the quarterly property tax cycle of February, May, August and November drives escrow funding and seller credits, and buyers over $1,000,000 pay the 1% supplemental mansion fee. Loan amount ceilings still apply: $832,750 baseline conforming, $1,249,125 in the high-cost North and Central counties, and a $541,287 FHA floor.
Plan the money side with the closing cost estimator and the monthly payment calculator, and read the Realty Transfer Fee and mansion tax guide plus the escrow and equalization guide.
See the Consumer Financial Protection Bureau closing checklists and the New Jersey Division of Taxation Property Tax site.
Compare Current Mortgage Rates
Compare current APRs, points, fees, and estimated monthly payments from participating lenders below.
Loan Program Comparison: 2026 Benchmarks
New Jersey Three Day Attorney Review, Oil Tank Sweeps and Closing Timeline — Separate monthly debt-service-to-income from upfront cash: down payment plus fees and prepaids, less deposits and approved credits. Avoid counting earnest money twice.
Historical 2025 one-unit comparison: conforming $806,500; FHA floor $524,225. County and unit-count limits can differ.
| Loan program | Down payment / equity | 2026 one-unit baseline | Costs and page-specific comparison |
|---|---|---|---|
| Conventional | 3%–5% subject to eligibility | $832,750 | PMI generally below 20% down |
| FHA | 3.5% at 580+; 10% at 500–579 | $541,287 floor | 1.75% upfront MIP; 0.55% annual for >95% LTV, base loan ≤$726,200, term >15 years |
| VA | 0% for eligible borrowers | No VA limit with full entitlement | No monthly PMI; funding fee unless exempt |
| USDA | 0% for eligible borrowers | Income, address and repayment eligibility | Guarantee and annual fees; confirm current schedule |
| Jumbo | Lender-specific cash and reserves | Above applicable conforming limit | Lender-specific pricing and insurance |
| Home Equity / Refinance | Equity and underwriting dependent | Property and lender dependent | Compare closing costs, term and break-even |
Sources: FHFA limits; HUD FHA limits.
Editorial Methodology & Primary Sources
Verification date: Not recorded; check the primary source and lender timestamp before relying on an estimate.
Rate comparisons use participating lender feeds, not a whole-market survey or guaranteed offers. Freddie Mac PMMS is a market benchmark, not a personalized quote. Calculator models rely on published regulatory formulas and disclosed assumptions rather than fabricated first-person loan testing.
Monthly principal and interest use the amortization formula P × r / (1 − (1 + r)−n), where r is the monthly note rate and n is the number of payments; at zero interest use P / n. PITI adds monthly property taxes and homeowners insurance; PMI is separate. APR includes applicable finance charges under Regulation Z and is not the note rate used for payments. Compare lender Loan Estimates for actual APR and fees.
- Consumer Financial Protection Bureau (CFPB) — Loan Estimates, APR and borrower disclosures; Regulation Z.
- U.S. Department of Housing and Urban Development (HUD / FHA) — FHA program guidance.
- U.S. Department of Veterans Affairs (VA) — VA loan eligibility and benefits.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — published rate benchmarks.
- U.S. Census state tax collections — state property tax benchmarks; confirm parcel-specific assessments and exemptions with the state revenue department and local assessor.
The payment snapshot uses illustrative annual taxes of 1% of home price, $1,200 insurance and 0.5% PMI below 20% down, not verified local quotes. Other calculators disclose their inputs and assumptions. Published guidance and lender feeds may change independently; confirm current program rules, taxes and offers before a decision.