Transaction Time Frame
Modern technology has increased the pace and speed with which a real estate transaction may unfold. What used to take six to eight weeks can now, sometimes, happen in hours. However, the faster things happen, the greater the risk of error. This is one of the reasons more and more people are taking advantage of title insurance.
Further, many parties can be involved in a standard purchase, sale or refinance. In addition to the lawyer for the vendor, the lawyer for the purchaser, and occasionally the lawyer for the lender, there are the vendors, the purchasers, the realtors, the bankers, the insurance agents, the movers, utilities companies, land titles and taxing authorities involved with agency contracts, listing agreements, mortgage applications, mortgages, application fees, offers to purchase, counter offers, disclosure statements and life insurance and so on and so on.
Everyone takes time to do their respective jobs and every job or task takes time to complete properly. Often one party will have to wait on another party before they can proceed.
In other words, everything takes TIME! To be safe, try and allow for as much time as possible and at best, approximately TWO to THREE WEEKS to avoid late closing interest penalties or missed possession dates.
