Let me start out by saying every state is different concerning the transfer of possession. In Oregon, possession is transferred most of the time at 5pm on the day of closing. In some states everyone sits across a large table from each other as uncomfortable as it may be, signs paperwork and hands over keys...…...In Oregon this is not the case.
Closing in Oregon is NOT the day you sign, it is the day they property is recorded with the county. Thus, if you sign on a Friday and the recording cannot occur and the Monday after is a holiday, you may not be getting keys until 5pm on Tuesday. It's important to be aware of these issues ahead of time. Being aware of banking holidays or other possible delays that could affect your possession of the property you're planning on moving into can alleviate sleepless nights and a unexpected hotel or Uhaul rental charges.
Most likely your realtor or an assistant will meet you at the property you're purchasing to get your keys out of the lockbox on the day of closing at 5pm. Hopefully this realtor, will be there to take photos and deliver unlimited high fives to you on your awesome choice to purchase a house! If it's me, I will be said person!
If you're unable to take possession at 5pm your realtor will coordinate getting you keys to obtain possession on your behalf.
AND YAHOOOOOOOOOO!!!!!! That's it. Now the journey of homeownership begins.
This is a great time to get to Home Depot ASAP to duplicate the key. Getting the locks changed is also suggested but if this isn't something you can do right away, get the keys duplicated and set up a hide-a-key.
FYI- the sign and lockbox are usually removed after closing. Locally, we hire a sign company who installs and removes signs. If these items are not removed within few days of closing, please gently remind your realtor before deciding to add the signage to your firepit if your transaction was especially rough.
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