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Rainmaker
4,416,674
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

See Roy Kelley's comment! As for a timeline, depends on the terms of the contract, typically 45-60 days.

Want a mortgage, need title insurance. Want to sell in the future, need a continuous chain of title if your buyer is getting a mortgage. If your buyer is smart and paying cash, they will also want it!

Dec 01, 2020 04:33 AM
Ambassador
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Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Christian I was trying to leave you an answer earlier but there were a few issues on the system.  So are you asking about the contract timeline - meaning how long a typical file from executed to close takes?  In my area it's about 30 days or so.

 

Title Insurance.....don't leave home without it!  That's how important!

Nov 30, 2020 07:33 PM
Rainmaker
2,669,213
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The system relies on people and week-work days to help it along. 30-45 days is the thumb rule. Besides, whats the hurry? As to insurance when you need it it pays over & over for itself. When you don't you lose big. Got insurance?

Nov 30, 2020 05:32 PM
Rainmaker
6,858,263
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

contract is said to have been executed when both parties have completed their obligations. In the case of a real estate contract, that milestone comes at closing. Until payment and title change hands, the contract is merely "executory" -- capable of being executed.

The time frame depends upon the terms of the agreement.

Nov 30, 2020 04:41 PM
Rainmaker
738,200
Brian L. Sirota, Esq.
Bristar Realty (Realtor/Attorney) - Orange, CA
For Solutions: (714) 501-7660

The comment from Lyn Sims rightly addresses the "execution" of a contract, as distinguished from its performance.   This shows the importance of using accurate terminology.

Execution refers to the signing of a contract, which usually occurs in a very brief period of time.  However, the performance of a real estate contract is more aptly addressed in the context of escrow, or when escrow closes, signifying the mutual and complete performance by the parties.  So, when other comments refer to a 30 or 60 day period, it's a reference to a fully performed contract.

Christian Frech, I suspect it's the performance of the contract that interests you, not its execution.  

Nov 30, 2020 03:45 PM
Ambassador
3,119,689
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Insurance - no one likes paying for it until they need it and don't have it. 

Typical?  For me, 30 days or less. 

Nov 30, 2020 03:16 PM
Ambassador
1,848,043
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

and I would say 60-90 days

and very

Nov 30, 2020 03:16 PM
Rainmaker
1,748,888
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

2 questions for the price of one?

I would say 48 hrs to execution using the fastest method possible which is Docusign or it's equivalent.

Nov 30, 2020 02:53 PM
Rainmaker
3,368,106
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I like to execute my contracts as soon as i get them. No time like the present. As for title insurance, an absolute must to protect the buyer/soon to be home owner

Dec 01, 2020 04:46 AM
Rainmaker
367,304
Jay McHugh
SendOutCards-Appreciation Marketing Expert - Acton, MA
YOUR SendOutCard Mentor

...30-60 days depending on mutual terms....Title Insurance is important if the title has gone through many hands; divorce, foreclosure, title taking, as well as the time of ownership etc....yet, TI is a scam that few want to talk about - for example, when you see the exceptioins to the policy.

 

     I am very familiar with title insurcance and the whole industry.  As an example, I asked the local attorney at closing if we should get an insurance policy on all the  provisions that this policy did not cover.  Knowing what she would probably say,

She said, "No I would not worry about it."  I said, "Is that because you don't receive a 70% commission on a policy you cannot sell."  She laughed and said, "you know more than most, it is a profit center and less than 4% of our cosings every have an issue. 

 

Hope that helps .... reach out to me if you would like 30 years of experience and over 3000 foreclosures settled ... 

 

The fear of loss is a greater motivator than an opportunity to gain.  Unfortunately this area is abused here in Massachusetts.  

Dec 01, 2020 04:09 AM
Ambassador
3,060,113
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

there is no typical, only what's written into the contract.  It depends on the market and the day of week with what I suggest buyers ask for a response time.  

And title insurance is very important.

Nov 30, 2020 09:27 PM
Rainmaker
612,606
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

I once bought a house that had 2 parcels...both parcels were in the contract. I had an attorney review my closing docs only to find out that the title company was only including one parcel.

The other parcel the seller was trying to sell to the neighbor (it was my drive way)

Last week I had a closing where an attorney was doing the doc review...they found more than 12 mistakes on the title and worse, the attorney had to teach the title company what was legal...title company had no clue.

I was at another closing where the title company wanted the buyer to sign a document where they were never going to sue the title company regardless of any mistake...my buyer did not sign it.

Too many title company have affiliate real estate offices which cuts into their profit...which is why there are too many title clerks that know nothing.

Eve

Dec 02, 2020 05:59 AM
Rainmaker
976,862
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Execution of a contract and performance  and fulfillment under the terms of a contract are two different things.

A purchase/sale can be closed in less than a week but typically takes about thirty days and sometimes longer.

As for title insurance: it is very important unless you do not care to be protected against a defect in the title to your property which can result in loss of the property and/or huge legal fees to defend your claim.

Dec 01, 2020 09:49 AM