1,119,114
Well Brittany, it can depend upon the type of transaction, the area of the country and even the economy (Like when interest rates dropped to 15% and it took VA appraisers 90 just to show up for the appraisal because they were so far backlogged. That being said, I typically see 30 to 45 days. Many buyers like to close in the last week of the month so that they can pay lower prorates. Hope that helps.
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Kathleen Daniels, Prob...
San Jose, CA
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Kat Palmiotti
Kalispell, MT
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John Juarez
Fremont, CA
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Debe Maxwell, CRS
Charlotte, NC
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Shayne Stone
Fulshear, TX
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Rocky Dickerson
Las Vegas, NV
2,127,211
Contract execution is the process whereby the signing parties perform the duties mentioned in the contractual agreement. So it's not the "signing" of the contract by both parties... that's called "ratification".
Execution (performing all the functions of the contract... for example turning over all the money, closing and taking possession) can take weeks to months.
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Karen Climer
Orlando, FL
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Lyn Sims
Schaumburg, IL
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John Juarez
Fremont, CA
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Debe Maxwell, CRS
Charlotte, NC
921,504
Could be as little of 5 days for a cash purchase and as long of 90 days+ for distressed or estate sales with remote parties.
In my business a cash sale (80% of my transactions) average 3 weeks.
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John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
1,872,628
There is no 'typical' timeline but 'time is of the essence'. If you are a buyer you'd better get the contract to the seller ASAP.
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John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
1,464,494
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.
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
5,518,712
30-45 days, Contract to Close.
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
8,200,714
Execution is when the contract is signed. It only takes a few minutes.
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John Juarez
Fremont, CA
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Debe Maxwell, CRS
Charlotte, NC
3,440,069
For me personally in my business, 30 days or less from contract acceptance to close of escrow.
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John Juarez
Fremont, CA
3,417,345
By execution you men stly with igning it making it accepted? Then i do it instantly with e signing. If you mean how long does it take to close it can be 30 - 45 days depending on the type of mortgage
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John Juarez
Fremont, CA
5,526,299
2,861,629
The rule follows a 30-45 day time frame however knowing about it and why is more important than how long it takes
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John Juarez
Fremont, CA
424,683
1. offer day one, Buyer has current ID and money in checking ready to go.
2. EXECUTION is when contract is signed by both parties- accepted on day two or three but this is the real day one. Buyer completes Statement of Information for title to check the ins and outs, calls insurance agent to get fire hazard quote or flood or HO6 if needed
3. inspections day two. Buyer moves earnest money to escrow or attorney
4. order appraisal day three (buyer has to wait is the law for a conventional loan unless lender pays it upfront) is ordered after buyer signed the Loan Estimate in 3 days, lender has HOA information in hand which buyer paid for to HOA, CPL letter and closing information, flood cert, and date down of all paperwork
5. Day four prelim should be in to review, buyer provides proof earnest money flowed out of account to lender, gets last updated conditions to lender such as recent paystub, recent bank statement if needed,
5. Day six inspection is back- agent may need to ask for $ ??? or work, appraiser gets into subject- about half the conventional appraisals are not requiring interior inspections due to COVID or waivers. Insurance agent has quote back to lender
6. Day seven listing agent gets back as to what seller will or won't repair
7. Day eight appraisal should be back for review. Does it come in at value? Is there another negotiation?
8. day nine move ahead or cancel - day nine can be pushed as day ten
9. Day ten buyer is packing and ready, loan is locked, Closing Disclosure goes to buyers and is signed. Buyer has chosen vesting, insurance, accepted every detail, seller is packed.
10. Day eleven
11. Day twelve loan documents go to escrow/attorney and are send to notary buyer can sign on 12 or 13 day
12. Day 13 documents back to lender for review, ready for wire funding, buyer wires their final funds to escrow/attorney, lender needs proof funds flowed there, checks all signatures
13. Day 14 closing in California we are not table funding, maybe you are a state that does then it is bingo done that day, in California if a Friday maybe not done until Monday
Weekends count in the daily count but escrows/title/fire insurance/county recorder and other services are closed on weekends
3,287,415
It depends on many factors...motivation...cash...mortgage...seller financing...appraisal timeline...there is no typical timeline for closing.