Gitta, there are many places in a transaction you might refer to SALE or PURCHASE.
In a t ypical scenario, after an offer is made and accepted...it takes about 30 days to do all the necessary paperwork, loans and transfer of title, exchange of money, etc. allow 30-45 days.
Once all the documents are signed and closing occurs...that is negotiable, from ON RECORDING, to a length of time agreeable to both parties, but SELDOM more than 5 days without a leaseback occupancy agreement.
If you are referring to a short sale...you made an offer, the seller accepted...NOW the bank has to approve it and it could take 60 days....or even 6 months.
if you are talking about a foreclosure sale....at the court house steps, ...then I believe there is a 20 day court order vacate notice to the seller.
If you are involved in a transaction .....consult your realtor. they are best suited to advise/inform you of the various status, conditions and phases, relative to your transaction. YOUR REALTOR, guides you through every step and loophole, to navigate what are often complicated transactions.
In todays market...its imperative to HIRE A REALTOR...even in a ForSaleByOwner. To be sure
A). The seller has the legal right to sell.
B), The title can be cleared for the transaction
C). The purchase and sale agreement is on a legally binding contract
D), your earnest money didnt just go in their pocket.
There are many cons and games being played, homes being returned to the bank, sellers preying on inexperienced buyers.
So....while your question didnt reveal the conditions of your transaction, every one is different, with many times 12 professionals each doing a segment of the transaction, to get to "handing you the keys".
You may now be more confused than before....so if you need a little support and assistance, CALL a REALTOR...