Frequently Asked Questions
Do I need title insurance?
When you purchase a new home, your title insurance policy protects you from financial loss in the event that problems arise regarding your rights of ownership. Title insurance also protects you from the cost of defending against any covered claim. So, yes, you do need title insurance!
How much does title insurance cost?
Unlike other forms of insurance, your title insurance policy is paid in a one-time premium based upon the value of your home. Typically, title insurance is less costly than either homeowners or automobile insurance, yet it provides coverage for as long as you or your heirs own the property.
How are property taxes prorated on the settlement statement?
We prorate the property taxes according to the terms agreed upon in the signed purchase agreement. Generally, most purchase agreements that come through our office prorate in arrears on a calendar basis. This, however, is not always the case. There are many ways to prorate property taxes, so it’s best to ask a real estate professional before signing a purchase agreement. The proration method could impact your bottom line by thousands of dollars.
Can you accommodate a split closing with another title insurance office?
Yes, we are able to serve your needs locally while working with another title company.
Can Riverside Title, LLC handle the closing?
Of course! In our part of the world, real estate closings are customarily handled by title insurance agents. Riverside Title, LLC is prepared to handle your transaction from the moment of signing your purchase agreement through disbursement of the closing. Acting in a third-party position, we prepare or collect necessary documents, compile settlement statements, and distribute closing funds. Riverside Title, LLC has a long-standing track record of friendly, professional, and prompt closing services.
What items are needed at closing?
You’ll need to provide us with a few documents, including:
Buyer:
• Executed purchase agreement
• Photo identification (driver’s license, passport, military I.D., etc.)
• Certified funds (cashier’s check, wired money, etc.)
Seller:
• Executed purchase agreement
• Any unrecorded instruments that affect the current title to the property
• Proof of satisfaction of any outstanding mechanic’s liens, judgments, or mortgage paid prior to closing
• Photo identification (driver’s license, passport, military I.D., etc.)
