I estimate 8 to 10 business days after the deed is recorded. Being a current member saves about two days, and they've been pretty quick lately, so it could be sooner.
As soon as I saw my deed recorded I called MS. This was a first account. First person was disinterested so I called back selecting a different option. This person was very helpful and set it up and put me through to someone else to get an activation code. Then I logged in and the points were there. I think this all happened 5 days after closing.