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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!
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!
Kathleen Daniels, Prob...
San Jose, CA
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?
A 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.
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.
Insurance - no one likes paying for it until they need it and don't have it.
Typical? For me, 30 days or less.
and I would say 60-90 days
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.
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
...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.
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.
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.
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.