Why do real estate closings take a month on average, while automobile deals (involving comparable value, but much greater risk) take minutes?
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Automobiles usually have only one bank and a fairly established seller involved if you go through a dealer.
Homes usually have 2 banks (or at least 2 loans) involved. The seller has to settle their outstanding loans before the title will be released. Then, in most cases, the buyer has to finalize their loans and title transfers. In between, the banks will want to make sure there are no outstanding liens (on the property), property taxes cleared etc etc. Then there is property inspection and valuation. All of this is usually not needed for automobiles.
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