Buying a home in Riverside is exciting, but once your offer is accepted, most of the action moves into escrow. If you have not been through it before, the steps, timelines, and documents can feel overwhelming. You want to protect your deposit, meet your deadlines, and get your keys on time. In this guide, you’ll learn how escrow works in Riverside, who does what, how long it typically takes, what you pay, and how to avoid common pitfalls. Let’s dive in.
Escrow in Riverside: the basics
Escrow is a neutral process that holds funds and documents until everyone meets the terms of the purchase contract. In California, the escrow holder is often an independent escrow company or the escrow department of a title company. The escrow officer manages the file, coordinates with the lender and title, and arranges recording with the county.
Key players include you and the seller, your lender, the escrow officer, the title company, your real estate agents, and the Riverside County Recorder. The Recorder finalizes the transfer by recording your deed.
Most Riverside purchases use the California Association of Realtors Residential Purchase Agreement, which sets timelines and contingency periods. For financed buyers, federal rules require your lender to deliver a Closing Disclosure at least three business days before closing. You can read more about this timing on the Consumer Financial Protection Bureau’s page, What is a Closing Disclosure.
- Learn more about escrow and title practices in California from the California Department of Real Estate’s consumer reference materials.
- Review the CFPB explanation of the Closing Disclosure and timing requirement.
Step-by-step: your Riverside escrow
1) Offer accepted
The signed purchase agreement names the escrow company and sets deadlines for your deposit and contingencies. Your agent will help you confirm escrow’s contact info and next steps.
2) Deposit your earnest money
You typically deliver your initial deposit within the timeframe in your contract, commonly 1–5 business days. Amounts often range from 1–3 percent of the price, but everything is negotiable. Escrow receipts the funds into a trust account.
3) Escrow opens, title and HOA orders
Escrow orders a Preliminary Title Report and, if the home is in an HOA, requests the association’s resale documents. You’ll receive opening packages and instructions from escrow and your lender.
4) Inspections and disclosures
You schedule inspections right away and review seller disclosures, including the Transfer Disclosure Statement and the Natural Hazard Disclosure. If issues arise, you may request repairs or credits, or cancel within your inspection contingency period per the contract.
5) Loan, appraisal, and title clearance
Your lender orders the appraisal and completes underwriting. The title company resolves any liens or exceptions found on the preliminary report. You keep sending documents to your lender quickly to avoid delays.
6) Remove contingencies
You remove contingencies in writing by the deadlines in your contract. Common ones include inspection, loan, appraisal, title, HOA review, and the sale of your current home if applicable.
7) Final numbers and disclosures
Escrow prepares your settlement figures, including prorations and closing costs. If you have a loan, the lender must provide your Closing Disclosure at least three business days before closing so you have time to review.
- Explore the CFPB’s Your Home Loan Toolkit for a plain‑English overview of mortgage steps and documents.
8) Signing, funding, and recording
You wire your remaining funds per escrow’s verified instructions. The lender wires loan funds when the file is clear to close. Escrow then records the deed with the Riverside County Recorder. Keys are typically released after confirmed recording.
- Check Riverside County Recorder resources for recording procedures and fees.
9) After closing
The title company issues your title insurance policies. Riverside County will send regular property tax bills and may issue a supplemental tax bill because of the change in ownership. Plan for this extra bill in your budget.
- Visit the Riverside County Assessor for assessment information. For payment timing and methods, see the Treasurer‑Tax Collector.
Illustrative timeline
- Day 0: Offer accepted
- Day 0–3: Deposit delivered and escrow opens
- Day 3–10: Inspections ordered, preliminary title report issued, HOA docs requested
- Day 10–17: Inspection period ends and you remove or negotiate
- Day 10–30: Appraisal, underwriting, title clearance
- Day 21–45: Final approval, funding, recording, keys
Actual timelines are negotiated in your contract and can be shorter or longer.
What you pay and when
- Earnest money. Your initial deposit goes into escrow shortly after acceptance. Some contracts add an additional deposit later, often after contingency removals.
- Closing costs. In many California deals, escrow fees are split, the seller often pays the owner’s title policy, and the buyer pays the lender’s policy. Your contract controls who pays what.
- Prorations. Escrow prorates property taxes, HOA dues, and other items as of the close date. Because your assessed value changes at closing, Riverside County may issue a supplemental tax bill after you move in.
- Movement of funds. Lender funds arrive at funding. You send your remaining down payment and costs as “good funds,” usually by wire per escrow instructions.
Important safety note: wire fraud is a real risk in real estate. Always verify wiring instructions by calling the escrow company using a phone number you obtain from a trusted, independent source. For more guidance, see the National Association of Realtors resource on wire fraud.
Contingencies and disclosures to expect
- Common contingencies. Inspection, loan, appraisal, title review, HOA document review, and sometimes the sale of your current home. Your removal dates are contract items.
- Disclosures. Expect the Transfer Disclosure Statement, Natural Hazard Disclosure, lead‑based paint disclosure for homes built before 1978, and any known material facts. Review everything carefully and ask questions.
- Title items. Liens must be paid and released. Review easements and exceptions listed in the preliminary title report.
- HOA considerations. Many Riverside communities have HOAs. Resale packages and HOA questionnaires can affect timing, fees, and rules. Review CC&Rs, budgets, meeting minutes, and any special assessments or litigation.
- Insurance. Your lender will require proof of homeowners insurance before funding. If the property is in a mapped flood zone, flood insurance may also be required.
- Local hazards. Riverside County includes areas with wildfire and flood risk. Use official resources to understand the property’s risk profile.
- Check FEMA’s Flood Map Service Center for flood zones.
- Review CAL FIRE’s wildfire hazard map resources.
Your Riverside escrow checklist
- Confirm the escrow company and save direct phone and email contacts.
- Deliver your earnest money by the deadline in your contract.
- Schedule inspections immediately and share reports with your agent.
- Track contingency removal dates and submit removals in writing.
- Respond to all lender document requests quickly to keep underwriting on track.
- Call escrow to verify wiring instructions before sending funds.
- Expect your Closing Disclosure at least three business days before closing if you have a loan.
- Bind homeowners insurance to start by your closing date.
- Ask escrow for a preliminary closing statement and a breakdown of who pays what.
Common risks and how to stay ahead
- Wire fraud. Verify instructions by phone with escrow before any wire.
- Low appraisal. Be ready to negotiate or bring extra funds if the appraisal comes in below the purchase price.
- HOA surprises. Read HOA documents for assessments, fee changes, or litigation that could affect costs or use.
- Title delays. Liens and releases can slow closing. Keep communication open so escrow can clear items early.
- Supplemental taxes. Budget for a supplemental bill that can arrive after closing.
Ready to move forward?
When you are buying in Riverside, smooth escrow comes down to clear communication, quick responses, and proactive problem‑solving. Our team pairs local market knowledge with construction‑informed guidance so your inspections, repairs, and timelines stay on track. If you are planning a purchase, let’s map out your steps and deadlines together. Schedule a free consultation with Jeremy and Nhi Hubacek.
FAQs
When do I get the keys in a Riverside escrow?
- In most cases you receive keys after the deed records with the Riverside County Recorder and funds are confirmed, unless your contract sets a different possession time.
How long does escrow take for a Riverside home purchase?
- Many financed purchases close in about 30–45 days and cash deals can close faster, but timing depends on your lender, appraisal, title clearance, and your contract’s contingency periods.
What happens to my earnest money if I cancel escrow?
- If you cancel within a valid contingency period per your contract, you can typically recover your deposit; canceling outside those terms may put your deposit at risk, so follow the contract and your agent’s guidance.
Who pays closing costs in Riverside purchases?
- Costs are negotiable and set by the purchase agreement; many California transactions split escrow fees, the seller often pays the owner’s title policy, and the buyer pays the lender’s policy.
Will I get a supplemental property tax bill in Riverside County?
- Often yes; after a change in ownership, the County may issue a supplemental assessment that results in an additional tax bill, so plan for this and ask escrow if a holdback is appropriate.
