Alan May has you off to a good start on the first 2 questions. As to accuracy of the contract, your errors and omissions insurance and your license may be challenged if you are not accurate 

There really is no typical timeline.  Sometimes a few weeks, sometimes five or six months.

What happens at settlement will vary dramatically from region-to-region.

And why is accuracy important.... really?

Depends on the market and the specific situation. Could be hours, or could be a number of days depending on the parties and what's being negotiated.

CLosing varies by state. Here, once all funds are received and documents signed, the new deed is recorded and the buyer becomes the new owner.

A contract is a legal document and needs to accurately reflect what both parties are agreeing to.

You've asked 3 questions in a one question scenario!

I'll answer the first. Sometimes 24 hours or a week. The longer it takes the less that you will get things together. If you are negotiating on price that long you should just shake hands & exit in different directions.

1. Time-lines are determined within the real estate purchase contract

2. All parties sign at closing - property records thereafter with the county

3. Accuracy in all things creates professionalism, the opposite means troubles ahead!

Here in MT, as soon as both seller and buyer sign the offer form, it's under contract. In NY where I used to live, it could take 2-4 weeks to get a contract signed by both parties (from time of accepted offer).

At settlement/closing, buyer's funds go to seller, seller gives keys to buyers, hopefully everyone is happy and smiling.

Accuracy is important because people can lose money, reputation and the house with shoddy work.

30-45 days to close. At closing the buyer will bring funds for their down payment and closing costs, docs are sign, title is transfered and the seller gets their net proceeds. I'm sure if you just take a moment to review all the items in a purchase contract you can figure out why accuracy is so important. Can you imagine what would happen if the buyer thought they were going to get occupancy at closing and the seller thinks they have 30 days to leave??

I know you were told to ask these questions as part of your real estate training.  

Real estate is NOT one size fits all. There are no blanket answers here other than the last one. Accuracy in contracts is very important because they are legally binding ... get it wrong and you could cause harm to your client. 

It depens on the marketplace, so nothing is really typical.  And accuracy in life/contracts is very important.

Here in NH is typical for a closing to be 30-45 days from signing the contract. We have our offers signed within in an hour of a verbaly accepting making them contracts. Be accurate or be sued. 

1. 4
2. gifts delivered
3. litigation

Time is of the essence.

Nothing is no in stone. You want a seamless closing where real property transfers hands and is recorded of the Registry of Deeds.

Lol...try being inaccurate, just one time, and you will find out why it is important to be accurate. 

2 to 6 weeks

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.

What happens at Settlement/Closing: buyer brings in all necessary money and signs all documents; seller signs documents; title/escrow company fulfills their duties; tle changes hands; seller walks away with a big check (not always); buyer becomes the property owner. I am in a non-attorney state so others locations will handle the process differently.

If you (or your real estate instructor) must ask why accuracy is important, I think you are beyond help that I can provide.

14-45 days. 

Alan May thank you!

The timeline depends upon both parties to the Contract.

What happens at Closing? The buyer buys real property and the seller sells.

Accuracy keeps you out of jail!

Exceution means signing the agreement. It only takes a few moment.

timing depends on so many factors but for general speak consider 30-45 days for a transaction to run its course. At closing, a close-eye and review is given followed by a signatures of approval. On contract accuracy, the standard forms have just about covered everything so if an agent misses something an addendum is used to introduce, correct or further the contract along. Always remember this: Contracts are only as good as the people behind them...Be that that person then