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Closing on a House

Written by Posted On Thursday, 28 March 2019 06:25

The real estate closing can be a mysterious process for first-time home buyers. Most people know that it involves a lot of paperwork. But aside from that, it's all a big blank. With over 20 years of real estate experience, Riverside Abstract, a property title insurance company, has a dedicated and knowledgeable team with a professional ability to make your real estate transaction a successful experience. In this article, Riverside Abstract will try to fill in those blanks. Hopefully, by the time you finish reading this guide, you'll know exactly what happens on closing day.

Riverside Abstract Closing Cost

When you purchase or refinance a home, the last step in the process is called the closing. This is when you finalize all the details of the transaction. Briefly put, during closing, ownership of a property is transferred from the seller to the buyer. All funds are distributed by the escrow company, and the new deed is registered in the buyer's name. The buyer also has to bring a check for all of the mortgage and title fees accumulated along the way.

Typically, the closing day takes place about four to six weeks after you signed a purchase and sale agreement. During this window, the buyer’s purchasing funds are held in escrow until all contingencies, like the home inspection contingency and appraisal contingency, are met. The period between the offer and the closing is commonly referred to as the escrow period. This is what people mean when they say their house is "in escrow." It means the sale is pending, but they haven't yet closed the deal. They are still waiting for the closing day. The typical escrow period is around 30 days, but it can be longer or shorter than this. The buyer and seller must agree on the closing date when negotiating the contract.

Once all the pieces are in place for your closing, your title or escrow agent must send you a formal closing notice with the time, date, participating real estate agents and location of the closing, which is typically the title or escrow agent’s office, or the office of an attorney involved in the transaction.

Riverside Abstract experts understand the complexities of title and closing. More importantly, they know that the last place you can afford to make mistakes is at the finish line when it’s time for signatures and celebration. That is why Riverside Abstract title and closing experts will do everything in their power to help ensure the closing proceeds as smoothly as possible.

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Riverside Abstract

Riverside Abstract LLC is a full-service title insurance agency, located in Brooklyn, New York and a satellite office in Lakewood, New Jersey. Recognized as one of New York’s largest national title insurance agencies, the company is dedicated to providing a complete range of title services to its clients in the metropolitan area and beyond.

Riverside’s team is committed to assisting with real estate closings and title insurance needs in a timely and professional manner. The team has the ability to change as their client’s needs change and provide an array of services necessary to meet the changing needs of our clients. This sets Riverside apart from the other companies in the industry.

Riverside Abstract’s wide experience encompasses nationwide arranged titles. This allows the company to provide their clients with the tools necessary to achieve a successful closing with a clean title insurance policy on the real estate, and give them the creative side of what is needed when challenged with a problem.

As a leading company in this field, Riverside Abstract currently underwrites with some of the nation’s foremost title companies, like Chicago Title Company, Fidelity National Title Insurance Company, Stewart Title Insurance Company, and New Jersey Title Company.

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