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In Oregon, Buyer and Seller enter into an escrow which involves a deposit of assets kept in the custody of a third party—the escrow agent—until all parties adhere to all the conditions specified on their contract.
Reaching the “Close of Escrow” indicates that the buyer and seller have successfully met their contractual obligations in the home-buying agreement. The escrow company, an external third party holding documents and funds, proceeds to process the closing documentation. All parties involved in the deal sign the title forms, deed of trust, and any related documents. Once completed, the county records the property, officially transferring ownership to the new owner.
**Keep in mind, you generally sign the papers a couple of days before the new deed is recorded by the county. That is when the transaction is officially “closed”.
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Even though you must always consider closing costs, negotiations often determine who pays them. Hiring an experienced real estate agent to work on your behalf is important to secure a negotiated outcome in your favor.
In negotiations, if the seller agrees to raise the sales price, you can essentially finance the closing costs. Most often, the seller pays for closing costs instead of making repairs or to offset a deficiency in the home.
**This is a general estimate of closing costs and should not be taken as a quote. Please check with your title company for exact numbers.
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