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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.
When the “Close of Escrow” is reached, it means that both the buyer and seller have successfully fulfilled their conditions set in the home-buying contract. The external third party (Escrow company) responsible for storing documents and money then progresses to process the closing paperwork, with title forms, deed of trust and any related documentation being signed by all parties involved in the deal. Upon its completion, the property is recorded by the county and officially comes under new ownership.
**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”.
Even though closing costs will always have to be taken into account, the person responsible for paying them can often be determined by negotiations. To ensure a negotiated outcome that favours you, it is important to hire an experienced real estate agent that works on your behalf.
In negotiations, the closing costs can be essentially financed if the seller is ok raising the sales price to include them. Most often closing costs are paid for by the seller in lieu of repairs or to accomodate 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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