Final answer:
The statement that the completion date usually follows the title search by two or three days is false. The period between a title search and the completion date, known as escrow or settlement, generally spans several weeks to a month or more, not just a few days. The correct statement is false.
Step-by-step explanation:
The statement that the completion date normally follows the title search date by two or three days is generally false. In real estate transactions, a title search is a crucial step that is done to verify the seller's right to transfer ownership and to discover any claims, errors, assessments, debts, or other restrictions on the property.
After a title search is completed, there is usually a period called escrow or settlement, where numerous legal and financial processes happen, including obtaining a mortgage approval, appraisal, home inspections, and getting title insurance.
This period usually lasts much longer than two or three days; it can range from a few weeks to a month or more, depending on various factors such as the complexity of the transaction, jurisdictional practices, and if any issues are identified that need to be resolved before the property can change hands. The correct statement is false.