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Rainmaker
3,712,014
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Alan May has you off to a good start on the first 2 questions. As to accuracy of the contract, your errors and omissions insurance and your license may be challenged if you are not accurate 

Oct 16, 2020 04:16 AM
Ambassador
1,752,174
Alan May
Jameson Sotheby's International Realty - Evanston, IL
There's no place like home.

There really is no typical timeline.  Sometimes a few weeks, sometimes five or six months.

What happens at settlement will vary dramatically from region-to-region.

And why is accuracy important.... really?

Oct 15, 2020 07:38 PM
Ambassador
4,298,195
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Depends on the market and the specific situation. Could be hours, or could be a number of days depending on the parties and what's being negotiated.

CLosing varies by state. Here, once all funds are received and documents signed, the new deed is recorded and the buyer becomes the new owner.

A contract is a legal document and needs to accurately reflect what both parties are agreeing to.

Oct 16, 2020 07:37 AM
Rainmaker
1,632,192
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

You've asked 3 questions in a one question scenario!

I'll answer the first. Sometimes 24 hours or a week. The longer it takes the less that you will get things together. If you are negotiating on price that long you should just shake hands & exit in different directions.

Oct 16, 2020 07:27 AM
Ambassador
2,378,751
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

1. Time-lines are determined within the real estate purchase contract

2. All parties sign at closing - property records thereafter with the county

3. Accuracy in all things creates professionalism, the opposite means troubles ahead!

Oct 16, 2020 07:26 AM
Rainmaker
1,627,216
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Here in MT, as soon as both seller and buyer sign the offer form, it's under contract. In NY where I used to live, it could take 2-4 weeks to get a contract signed by both parties (from time of accepted offer).

At settlement/closing, buyer's funds go to seller, seller gives keys to buyers, hopefully everyone is happy and smiling.

Accuracy is important because people can lose money, reputation and the house with shoddy work.

Oct 16, 2020 05:02 AM
Rainmaker
124,792
Jerry Thomas-Construction Loans
Cranbrook Loans - Farmington Hills, MI
Construction Loans in MI, OH, VA, GA, FL and AL

30-45 days to close. At closing the buyer will bring funds for their down payment and closing costs, docs are sign, title is transfered and the seller gets their net proceeds. I'm sure if you just take a moment to review all the items in a purchase contract you can figure out why accuracy is so important. Can you imagine what would happen if the buyer thought they were going to get occupancy at closing and the seller thinks they have 30 days to leave??

Oct 16, 2020 03:32 AM
Rainmaker
2,903,277
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I know you were told to ask these questions as part of your real estate training.  

Real estate is NOT one size fits all. There are no blanket answers here other than the last one. Accuracy in contracts is very important because they are legally binding ... get it wrong and you could cause harm to your client. 

Oct 16, 2020 07:48 AM
Rainmaker
5,007,146
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

It depens on the marketplace, so nothing is really typical.  And accuracy in life/contracts is very important.

Oct 16, 2020 07:13 AM
Rainmaker
3,208,741
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Here in NH is typical for a closing to be 30-45 days from signing the contract. We have our offers signed within in an hour of a verbaly accepting making them contracts. Be accurate or be sued. 

Oct 16, 2020 05:15 AM
Rainmaker
831,918
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

1. 4
2. gifts delivered
3. litigation

Oct 16, 2020 05:02 AM
Rainmaker
898,355
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Time is of the essence.

Nothing is no in stone. You want a seamless closing where real property transfers hands and is recorded of the Registry of Deeds.

Lol...try being inaccurate, just one time, and you will find out why it is important to be accurate. 

Oct 16, 2020 07:44 AM
Ambassador
4,846,494
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

2 to 6 weeks

 

Oct 15, 2020 11:46 PM
Rainmaker
802,644
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

First...we must agree on what "execute" means. The definition below was taken off on the internet:

Definition of Execute

Noun

1.    To complete, and give effect or validity to, a legal document, decree, law, or judicial sentence.

2.    Fulfilling legal requirements of a contract or other instrument by signing or sealing.



So...you can see that, once a contract is written, it can take only a short time to "execute" the contract.

Yet, I do not think what you wrote is really what you want to ask.

If you are asking how long it take to complete a real estate transaction, that is not a question that can be precisely answered.

Some transactions, as in a cash purchase, can move to close in days.

Others, due to inspections, negotiations, financing, escrow processing and other possible delays can easily take 30 days or, in some cases, much longer.

Many contracts are written with a close of approximate 30 days in mind and work out satisfactorily.

 

What happens at Settlement/Closing: buyer brings in all necessary money and signs all documents; seller signs documents; title/escrow company fulfills their duties; tle changes hands; seller walks away with a big check (not always); buyer becomes the property owner. I am in a non-attorney state so others locations will handle the process differently.

 

If you (or your real estate instructor) must ask why accuracy is important, I think you are beyond help that I can provide.

Oct 16, 2020 06:19 PM
Rainmaker
1,992,806
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

14-45 days. 

Oct 16, 2020 09:39 PM
Rainmaker
1,527,687
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Alan May thank you!

Oct 16, 2020 08:34 PM
Ambassador
3,770,326
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

The timeline depends upon both parties to the Contract.

What happens at Closing? The buyer buys real property and the seller sells.

Accuracy keeps you out of jail!

Oct 17, 2020 01:19 PM
Rainmaker
5,979,623
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Exceution means signing the agreement. It only takes a few moment.

Oct 16, 2020 05:42 PM
Rainmaker
2,570,523
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

timing depends on so many factors but for general speak consider 30-45 days for a transaction to run its course. At closing, a close-eye and review is given followed by a signatures of approval. On contract accuracy, the standard forms have just about covered everything so if an agent misses something an addendum is used to introduce, correct or further the contract along. Always remember this: Contracts are only as good as the people behind them...Be that that person then

Oct 16, 2020 10:12 AM