Buying a Salem, Oregon Home-When Do We Get Our Keys?
This is an interesting question, because depending on which state you buy a home in, the answer varies. In some states you actually get the keys at the closing table. If you are buying a home in the Salem, Oregon area, however, several steps need to take place before I can give you your keys to your new home.
1. Once loan documents are received by the title company, we will make an appointment for all us to go to the title company and sign your loan documents. You will also bring a cashiers check for your downpayment and closing costs to this appointment, or make arrangements to have the amount wired from your bank to the title company.
2. Once your loan documents have been signed, the title company will then overnight your documents to the lender for final review, so that the lender can release the funds (your loan amount) that will pay off the seller for the purchase of their home.
3. Once the funds are received by the title company, they will take care of getting the seller any money that they have coming to them, and pay off the seller's loan which then clears the way for the title company to record the sale at the courthouse.
4. The title company will then go to the courthouse to record the sale, and the new deed with you as the new owner.
5. Once the title company has notified me that all of these items have been performed, I can give you your keys to your new home.
The amount of time that this takes can vary, but generally this process takes between 24 and 48 hours after we sign documents. There are rare cases where your mortgage broker can arrange for a table funding. If a table funding occurs, then we only need to wait for the title company to take care of steps 3 and 4. Depending on what time of day that we sign, I may be able to give you your keys the same day. Title companies generally make those trips to the courthouse twice a day. Once in the late morning, and once at the end of the day, around 4:30.