What Happens Between Offer Accepted and Closing Day

The time between mutual acceptance and closing, the escrow period, involves your lender, the title company, inspectors, the appraiser, insurance companies, and both agents.

Earnest money and escrow opens

Once both parties sign the purchase agreement, the clock starts. Your first obligation is delivering your earnest money deposit to the escrow company by the deadline the sale agreement sets. Our guide to earnest money in Oregon covers it in more detail.

The earnest money goes into an escrow account held by the title and escrow company (not the seller). It's your good-faith deposit that demonstrates you're serious about the purchase. At closing, it gets applied toward your down payment and closing costs.

Your agent will open escrow with a local title company. The title company begins their work immediately, ordering a title search and starting to prepare the preliminary title report.

Meanwhile, you should also:

• Formally apply for your mortgage if you haven't already (pre-approval is not the same as a full application)
• Provide your lender with any additional documents they request
• Schedule your home inspection for the earliest available date
• Contact your insurance agent to start getting homeowner's insurance quotes

Inspections

In Oregon the inspection period is a term of the standard sale agreement (OREF 001). If you include the inspection contingency, you have the number of business days written in the agreement, or 10 business days if the blank is left empty, counted from the Effective Date. This is your window to hire inspectors, receive reports, and decide how to proceed. You want to schedule inspections as early as possible to leave time for review and negotiation.

The inspections for a Central Oregon property might include:

• General home inspection
• Radon test
• Sewer scope if applicable
• Well water testing and septic inspection if applicable
• Any specialty inspections (structural engineer, roof specialist, pest/dry rot)

You should attend the general inspection if at all possible. Walking through the home with the inspector gives you information a report alone does not. For a complete guide to what to look for, read our home inspection checklist for Oregon buyers.

After inspections: the buyer response

Once you have your inspection reports, you'll work with your agent to prepare a response. If you included the inspection contingency, you have three choices under the standard Oregon sale agreement:

• Accept the property as-is
• Ask for repairs using the Buyer's Repair Addendum (OREF 022A), or agree on a credit or price change, which has to be put in writing and signed by both sides
• Back out by delivering written notice of unconditional disapproval (OREF 064) before 5:00 p.m. on the last day of the inspection period

If you ask for repairs, the seller is not required to change any terms of the agreement. The seller can agree, decline, or decline and offer their own repairs using the Seller's Repair Addendum (OREF 022B). If you can't reach agreement, you can still back out with that written notice before the deadline, and your deposits are refunded. If you have not done that by 5:00 p.m. on the last day, you are treated as accepting the home as-is. For guidance on what to negotiate and what to let go, see our guide on home inspections.

Appraisal

Your lender orders the appraisal shortly after you submit your full loan application. An appraiser visits the property, measures it, evaluates its condition and features, and identifies comparable sales to determine market value.

During busy seasons, appraisals can take longer because there are more transactions competing for a limited number of appraisers.

The appraisal results go to your lender. If the appraised value meets or exceeds the purchase price, this step is done. If it comes in low, you'll need to negotiate with the seller. Our guide on understanding home appraisals covers what happens in detail.

Title search and preliminary report

The title company researches the property's ownership history, looking for:

• Any liens (mortgages, tax liens, mechanic's liens, judgment liens)
• Easements that affect the property (utility easements, access easements)
• CC&Rs (covenants, conditions, and restrictions) and HOA obligations
• Boundary disputes or encroachments
• Any clouds on title (issues that could affect the seller's ability to transfer clean ownership)

You'll receive a preliminary title report that lists everything the title company found. Review this carefully with your agent. Most items are routine, but occasionally the title search reveals surprises like an unrecorded easement, a lien from a previous owner, or a boundary issue that needs resolution before closing.

Loan processing and underwriting

While inspections and the appraisal are happening, your lender is processing your loan application. The underwriter reviews everything: your income documentation, tax returns, bank statements, credit report, the appraisal, the title report, and more.

During this period, expect:

• Condition requests: The underwriter will almost certainly ask for additional documents. Letters of explanation for large deposits, updated pay stubs, proof of gift funds for your down payment, verification of employment. Respond to these immediately. Every day you delay extends the closing timeline.
• Don't make financial changes: Do not change jobs, make large purchases, open new credit accounts, co-sign for anyone, or move large amounts of money between accounts. The underwriter is looking at a snapshot of your financial life, and any changes create new questions and delays.

Conditional approval

You'll likely receive a "conditional approval" before final approval. This means the underwriter has approved your loan subject to specific conditions being met, such as providing your final pay stub or proof of insurance. Clear these conditions as quickly as possible.

Insurance

Your lender requires proof of homeowner's insurance before closing. In Central Oregon, this is an area where you should start early because:

• Properties in wildfire-prone areas may have limited insurance options and need extra time to find coverage
• If you're buying in a flood zone (parts of the Deschutes River corridor, for example), you'll need separate flood insurance
• Your lender has specific coverage requirements (dwelling coverage, liability limits, deductible maximums)

Get quotes from at least three insurance companies. Make sure the policy effective date is on or before your closing date.

Clear to close

Once the underwriter has signed off on everything, the appraisal is acceptable, and all conditions are met, you receive "clear to close" from your lender. This is the green light to schedule closing.

At this point, the title company prepares the closing documents, and your lender sends the final Closing Disclosure. The federal TRID rule requires your lender to make sure you receive the Closing Disclosure no later than three business days before consummation of your loan, giving you time to review the final numbers.

Compare the Closing Disclosure against the Loan Estimate you received when you applied. The numbers should be very close. If you see significant changes in fees or terms, ask your lender to explain before you sign.

Final walkthrough

Shortly before closing, you'll do a final walkthrough of the property. This is not another inspection. The purpose is to verify:

• The property is in the same condition as when you made your offer
• Any agreed-upon repairs have been completed
• The seller has moved out and removed their belongings
• All fixtures and appliances that are supposed to stay are still there
• No new damage has occurred

If you discover issues during the walkthrough, your agent will contact the listing agent to resolve them before closing. Serious problems (like the seller removing a built-in appliance that was supposed to stay) can delay closing until resolved.

Closing day

Ask your escrow officer how and where you'll sign. Oregon made remote online notarization permanent in 2021, so parties to real estate transactions may have the option to sign without being physically present with the notary. Here's what to expect:

What to bring

• Valid government-issued photo ID (both buyers if purchasing jointly)
• Cashier's check or proof of wire transfer for your down payment and closing costs (the title company will give you the exact amount and wiring instructions a few days before)
• Any remaining documents your lender needs

What you'll sign

Expect to sign a stack of documents. The major ones include:

• Promissory note: Your promise to repay the loan
• Deed of trust: Gives the lender a security interest in the property
• Closing Disclosure: Final accounting of all costs
• Deed: Transfers ownership from the seller to you
• Title insurance policies: Coverage documents
• Various affidavits and disclosures

The escrow officer will explain each document, but don't hesitate to ask questions about anything you don't understand.

After signing

Once everyone has signed and the lender has funded the loan, the title company records the deed with the county. Once recording is confirmed, you receive your keys.

Some closings allow you to get keys at the signing table. Others require waiting until recording confirms. Your agent will let you know the expected timeline.

What can go wrong (and how to handle it)

Most closings go smoothly, but here are the common hiccups:

• Appraisal comes in low: Negotiate with the seller, bring extra cash, or challenge the appraisal. Start this conversation immediately because it takes time to resolve.
• Inspection reveals major issues: Negotiate repairs or credits. If the seller won't budge on a significant problem, use your contingency to exit.
• Loan conditions aren't met: Stay on top of every document request. Set up a folder on your phone for quick access to financial documents.
• Title issues: The title company handles most of these, but some (like unreleased liens from previous owners) can take time to clear.
• Rate lock expiration: If closing gets delayed beyond your rate lock period, you may need to extend the lock (usually at a cost) or accept current market rates.
• Wire fraud: This is a real threat in real estate transactions. Never wire closing funds based solely on an email. Always verify wiring instructions by calling the title company at a number you know is correct (not one from the email).

A timeline summary

1. Deliver earnest money, apply for mortgage, schedule inspections
2. Complete inspections, negotiate repairs
3. Appraisal completed
4. Title search and preliminary report
5. Loan processing and underwriting
6. Secure homeowner's insurance
7. Clear to close, receive Closing Disclosure
8. Final walkthrough
9. Closing and recording

The key to a smooth closing is responsiveness. When your lender, agent, or title company asks for something, provide it the same day if possible. Delays in any part of the process can cascade and push closing back. Keep your phone on, check your email regularly, and don't plan a vacation during escrow.

Questions

Sources

• OREF 001 Residential Real Estate Sale Agreement (Released 01/2026), Sections 12.2, 29, 30, 48 and 49(f)
• OREF 022A Buyer's Repair Addendum (Released 01/2026) and OREF 022B Seller's Repair Addendum (Released 01/2025)
• 12 CFR 1026.19(f)(1)(ii)(A)ecfr.gov, timing of the Closing Disclosure
• Oregon Real Estate Agency, Remote Online Notarizationoregon.gov