1,310,972
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 approximately 30 days in mind and work out satisfactorily.
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Don Baker
Eatonton, GA
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Doug Dawes
Topsfield, MA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Andrew Mooers | 207.53...
Houlton, ME
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Brian England
Gilbert, AZ
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Wayne Martin
Chicago, IL
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Thomas J. Nelson, REAL...
La Jolla, CA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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John Pusa
Glendale, CA
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Shayne Stone
Fulshear, TX
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Jeff Dowler, CRS
Carlsbad, CA
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Susan Emo
Kingston, ON
1,290,200
It will certainly vary depending on the type of transaction, cash or mortgage. Cash deals are faster within two weeks or less. Mortgages will take longer from 30 to 60 days, depending on the type of loan.
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Kathleen Daniels, Prob...
San Jose, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Olga Simoncelli
New Fairfield, CT
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Brian England
Gilbert, AZ
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Martin Tige
Logan, UT
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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John Pusa
Glendale, CA
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Jeff Dowler, CRS
Carlsbad, CA
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
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Wanda Kubat-Nerdin - W...
St. George, UT
3,125,255
No typical timelines. Have closed one in less than a week after acceptance, cash offer with zero contingencies, 30 days for buyers getting a mortgage and gone as long as 60 days, which worked well for both parties.
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Kathleen Daniels, Prob...
San Jose, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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John Pusa
Glendale, CA
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
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Jerry Newman
San Antonio, TX
679,404
My answer is dependent upon a few things:
The terms of the agreed upon Offer to Purchase
The type of loan the buyer is getting
The Lender the buyer is using
In our area the average days to close are:
CASH buyers - 5-21 days
Conventional - 30-45 days
FHA -45+ days
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Kathleen Daniels, Prob...
San Jose, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Wanda Kubat-Nerdin - W...
St. George, UT
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
4,160,025
Hello Martin Tige it is depends on the real contract.
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Kathleen Daniels, Prob...
San Jose, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Wanda Kubat-Nerdin - W...
St. George, UT
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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
417,071
Borrower has written preapproval from reputable lender.
Borrower know exactly what they can do.
Day one: They find the property, go walk through, maybe return at night to check the neighborhood for a drive-by.
Buyer agent advises as to dollar amount to offer. Buyer agent calls listing gets their email and requirements. Hopefully they know each other and have some rapport.
Buyer agent types up the purchase contract, maybe some back and forth about the boxes. Buyer agent emails the offer. Calls to verify the time time for an answer.
Buyer agent chats with lender, insurance agent, inspector...
Day two listing agent responds with signed agreement
well maybe a couple counteroffers happen
no two deals are the same.
Then inspection, appraisal, title, insurance, wires, notary and other people involved.
Generally 24 days total.
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Kathleen Daniels, Prob...
San Jose, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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John Pusa
Glendale, CA
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Shayne Stone
Fulshear, TX
584,491
That would depend on my Client's Best Interest, and/or Lender's Requirements to answer!
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Kathleen Daniels, Prob...
San Jose, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
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John Pusa
Glendale, CA
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
851,242
The contract to closing time line in our market is typically 45 - 60 days. It CAN be done more quickly if the right team is put together.
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Kathleen Daniels, Prob...
San Jose, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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John Pusa
Glendale, CA
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
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Jerry Newman
San Antonio, TX
5,228,997
7 to 60 days, depending upon the 'deal' and whether or not it's cash or mortgage.
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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John Pusa
Glendale, CA
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Bob "RealMan" Timm
Minot, ND
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Wanda Kubat-Nerdin - W...
St. George, UT
1,464,861
There is no "typical" timeline. And your question is unclear. Are you asking about days-on-market before an offer is accepted? Or are you asking about from execution of the contract to closing and funding?
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Kathleen Daniels, Prob...
San Jose, CA
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
1,052,056
HA!
IF by 'execution' and we've had discussions on how different parts of the country/world define it . . . in my area, a contract is 'fully executed' when all parties have signed the complete document and all addenda.
Many other areas say 'execution' is when all the terms of the Contract are fulfilled and the transaction is recorded and closed.
SOOOOO . . . I could answer that a contract here (AZ) has been fully executed within minutes, thanks to the beauty of electronic signing.
BUT I've had transactions that took up to a couple of years to close!
What's typical? Residential = 60 days give/take, depending on how it's paid for.
Commercial = could be forever. LOL We've had 6 month due diligence periods. I just closed one in October that was signed in January! Needed State approvals to go the distance . . .
Land can be the longest of all, if we're waiting on City or County to bless a site plan. Often the due diligence is 6 months with 3 automatic 30 day extensions . . . with land and commercial here, the boilerplated DD is 30 days . . . residential is 10.
Nothing is typical, really . . . the fun part of real estate! Unlikely to ever have the same deal twice.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Wanda Kubat-Nerdin - W...
St. George, UT
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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
1,844,171
Hopefully this is what you asked - 45 days for mort commitment, 60 days total to close. That is in my area of northern IL near Chicago.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Wanda Kubat-Nerdin - W...
St. George, UT
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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
2,781,013
What drives a timeline? Everyone involved wants it to close for their reasons thus making it not very typical
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Doug Dawes
Topsfield, MA
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Richie Alan Naggar
Riverside, CA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Wanda Kubat-Nerdin - W...
St. George, UT
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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
1,196,912
contract to close has a whole bunch of little time issues that need to be addressed in time. inspections, repair requests, loan applications are a few that come to mind quickly.
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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John Pusa
Glendale, CA
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
1,543,225
ex·e·cute: carry out or put into effect (a plan, order, or course of action).
The answer to your specific question is:
about 30-45 minutes from drafting it to execution of it aka submission.
Because executing a contract aka ratifying it is nothing more than drafting and all parties signing it...maybe even submitting it.
The leap and kindness most are making here is answering your implied question:
how long will escrow take?
That answer is:
Avg. 21-30 days in CA ...the last 13 years.
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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John Pusa
Glendale, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
4,691,993
Like others, I am not quite certain as to what you are saying when you use the word execute. To me, it entails officially being under contract and in escrow so I believe you are asking for the typical response time to an offer that has been made. For that, I feel 24 hours is ample and respectful.
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Kathleen Daniels, Prob...
San Jose, CA
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John Pusa
Glendale, CA
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
5,215,388
For brevity sake, I agree with the explanation of John Juarez.
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Brian England
Gilbert, AZ
2,390,010
Being this question has been asked before I can tell you Martin Tige that the answer seems to be regional. If you are asking about the time that an offer is accepted till close it's 4 to 6 weeks in my town.
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Brian England
Gilbert, AZ
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John Pusa
Glendale, CA
1,196,588
There really isn't a carved-in-stone timeline but, typically, from offer to close is 45 - 60 days in a broad sense.
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Kathleen Daniels, Prob...
San Jose, CA
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John Pusa
Glendale, CA
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
1,555,743
If there is a typical, I would say most escrows I've had are 30-45 days.
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Kathleen Daniels, Prob...
San Jose, CA
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John Pusa
Glendale, CA
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
6,392,879
The timeline of a transaction is likely to vary greatly depending on the complexity of the transaction and whether it is a cash offer or financed.
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Bob "RealMan" Timm
Minot, ND
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
900,008
I think Jerry Newman gave you a good answer.
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
2,240,886
John Juarez helps clarify in his comment. How long to get a contract signed? Consider the seller is not watching the phone and glued to his and her email looking for a docusign P&S agreement. Call them, text them, send smoke signals to let them know it was sent and cattle prod it along. But realize buyers, buyer agents, your seller may be at a west coast funeral, getting a colonoscopy or not so handstand happy to accept a half price offer.
How long does a real estate sale take to complete? As long as it takes, as long as buyer and seller keep extending. How long does an operation take? The longer, the more apt for a flat line on the real estate beeping monitor
Martin Tige ! Can you really fly to listing and closing appointments?
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
378,367
Depends ... 2 seconds to a couple of days.
However I'm not sure that's actually what you mean.
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Kathleen Daniels, Prob...
San Jose, CA
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Tammy Lankford,
Eatonton, GA
3,344,906
As you can see from many comments we must first be clear on what is meant by "execution" in your question.
Once that is clearly defined and understood, it will then depend on other factors.
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John Pusa
Glendale, CA
337,754
In NYC, we operate very differently. To "execute" can mean different things- even within the same market.
To get into contract- the range is wide and varied. Once an offer has been accepted- a deal sheet goes out to both buyer and seller attorney's. The attorney's draft and revise the contract terms- and that process could be a day or it could be 2-3 weeks. The buyer's attorney is also coordinating with the building's managing agent to due diligence- which typically involves a building questionnaire, review of the offering plan, building rules, financials, alteration agreement and follow up on outstanding questions specific to the building and/or apartment. This process often minimizes or typically eliminates the need to have an inspection done- since owners are only responsible for walls in- and outside the walls - the attorney due diligence issues cover the aspects that the inspector is often not going to have access to.
If you mean, "execution" - once in contract:
- Condos are much quicker- cash deals are typically closed in about a month, financed deals add an extra month to the timeline.
- Co-ops typically take about 2 months if all cash, 3 months if financed- but could take much longer in either instance since they need to approve the buyer- and depending on time of year, the board might not meet as frequently. Some co-op boards don't meet at all during the summer so it could add a few months to closing...assuming the board approves your buyer. My longest deals (excluding new construction- which sales can start years prior to construction wraps up) have taken about 9-10 months from accepted offer to closed.
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Kathleen Daniels, Prob...
San Jose, CA
1,622,432
From the acceptance to closing? Depends on many factors, especially on the financing. The shortest cash I ever closed: was 5 days. The longest: a short sale was dragging for close to 1 year.
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Kathleen Daniels, Prob...
San Jose, CA
16,288
In general, the entire process of executing a real estate purchase contract can take anywhere from a few weeks to a few months, depending on the complexity of the transaction and any unforeseen issues that may arise. However, with the help of an experienced real estate agent and attorney, buyers and sellers can work together to ensure a smooth and efficient transaction.
763,783
It is typical to complete the terms of the contract on the last day of when the closing date was set.
2,060,946
In our region, from ratified contract to closing is typically between 30-90 days.