Mel Wagner's Blog: Buying a Salem, Oregon Home-When Do We Get Our Keys?

Buying a Salem, Oregon Home-When Do We Get Our Keys?

Buying a Salem, Oregon Home-When Do We Get Our Keys?

 

Buying a Salem, Oregon home-when do we get the 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.

 

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Comment balloon 7 commentsMel Wagner • January 30 2011 08:29PM

Comments

This is probably one of the most asked questions my buyers ask me Mel. Nice info for your clients.

Posted by Steve Scheer, Highlands Ranch Real Estate - Denver Real Estate (Realty Oasis - Metro Brokers) over 7 years ago

Thanks Steve.  I get asked this every time myself. 

Posted by Mel Wagner, Principal Broker/Agent Salem Oregon Real Estate (Knipe Realty) over 7 years ago

This is the 2nd post like this I've seen Mel, stating keys are not given until the home is recorded.  We've purchased 4 homes in the past 10 years in both MD and VA and we have always received our keys at settlement.  We purchased two new homes and two formerly owned homes.  The recordation doesn't occur until for 24-48 hours.  I did comment on a post like this the other day where the Realtor was shocked when the keys were not provided at settlement.   Once all the papers are signed, I would think not getting keys until the home is recorded is a bit late.  The home legally belongs to the buyer once all the paperwork is signed.  Isn't the recordation a technicality?  In fact, there was a problem with one of our settlements with the deed and the builder insisted on us moving and come back to settlement on Monday.  Needless to day we settled on Friday!  I wonder how many states require the keys to be held until the property is recorded.  I wonder if we do it wrong here in MD and VA.  I'll have to look into this.  One little known fact perhaps.  In VA commission checks are not required to be provided at settlement, in MD it is a mandate that commission checks be provided at settlement.   :) Gail 

Posted by Gail C. Harris, Reach the BEACH with Gail C. Harris (cell: 703.868 (Resource Network, LLC SFR, AHWD, ACRE, SMAR Board Director) about 7 years ago

Hi Gail-it's interesting how things vary from state to state.  Here they want the money in hand, the loan funded and everything recorded before keys are given out. 

Posted by Mel Wagner, Principal Broker/Agent Salem Oregon Real Estate (Knipe Realty) about 7 years ago

You are correct on this 99.9% of the time. Last week I had one of those .01 things happen. Got the recording numbers, released to hand over the keys. I called the buyer, they said the earliest we can be at the house is 6:30, at that time it was 4pm. Perfect, see you at 6:30. We get their the lockbox is gone. I call the other agent and they say, for liability reasons we don't give the keys to the buyer, we break them in half and the buyer will have to get the house re- keyed by a locksmith.

Hmmm, gee, a day later when she had finally gotten in to the home, can you guess where her lawyer sent the bill for the locksmith?

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 7 years ago

Todd-Wow!  Unbelievable, and even moreso that the listing agent didn't give you a heads up about that prior to the close of escrow.  I hope they enjoy paying that bill.  It's always a good idea to change the locks, but it should be up to the buyer to do that when they are ready. 

Posted by Mel Wagner, Principal Broker/Agent Salem Oregon Real Estate (Knipe Realty) about 7 years ago
no, they really dont go on sale BUT THEY SELL OUT FAST so I wuodln't wait too long. Your best chance for a sale would be to get them from a place like macy's that offers you a discount to open a credit card- then put them on the card and you'll get like 20% off- which would be about 30-35 bucks. Remember though you wont get the discount if you run up the credit card bc of interest. E bay is another place you may find a small discount, but idk if it's worth the risk. I bought mine at dillards- and they are worth every cent of the $ 160 i spent on them.
Posted by Kewlly almost 6 years ago

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