What actually happens after you accept an offer on your Richmond home?
Once you sign the buyer's offer and it's delivered to both parties, your contract is ratified and binding under Virginia law — subject to any contingencies written into the agreement. From that moment, you'll move through a defined sequence: inspection, appraisal, title work, and settlement. Most Richmond-area closings run 30–45 days from ratification, according to National Association of Realtors® market commentary, though the exact timeline depends on your buyer's financing, the property's title history, and how smoothly each contingency resolves.
From Ratification to the Closing Table: The Full Virginia Timeline
Step 1 — Ratification: When Your Contract Actually Becomes Binding
A lot of sellers think the deal is done the moment they say "yes." It's not — not quite. Under Virginia contract law, your home sale becomes enforceable when both parties have signed and the signed contract has been delivered to the other party or their agent. That moment is called ratification, and it's the clock-start for every contingency deadline that follows.
According to the Virginia State Bar's guide to buying and selling a home, a real estate contract requires offer, acceptance, consideration, and delivery to be enforceable. The standard forms used by Richmond agents — created and maintained by Virginia Realtors® — include explicit effective dates, contingency deadlines, and definitions of business days so there's no ambiguity about when the clock starts.
Here's what I tell every seller I work with: ratification means you're under contract, not at closing. You still have contingency windows to navigate. The contract is binding, but it has escape hatches — and those escape hatches belong to the buyer until they expire or are waived.
Step 2 — Earnest Money Deposit
Shortly after ratification, the buyer is required to deliver their earnest money deposit by the deadline specified in the contract. In Richmond, the deposit is typically held by the listing brokerage or the settlement agent. Handling of those funds is regulated by Virginia's Department of Professional and Occupational Regulation (DPOR) and the Real Estate Board — brokers must follow strict escrow rules.
If the deal falls apart, who gets the earnest money depends entirely on which contingency triggered the cancellation and whether the parties follow the notice provisions. A disputed deposit can require a written agreement between the parties or, in worst cases, a court order to release. That's why following contingency deadlines to the letter matters so much — I walk my clients through every one of them before we even accept an offer.
Step 3 — The Inspection Phase
This is usually the first major contingency window after ratification, and for many sellers, it's the most nerve-racking part of the process.
Most Richmond contracts include a home inspection contingency with a defined inspection period — often somewhere in the range of 7–14 days from ratification, though the exact number is negotiable and set in the contract itself. Per Virginia Realtors® standard contingency forms, the buyer has a separate negotiation/response period after the inspection to submit a written notice requesting repairs, a price adjustment, or a credit — or to walk away under the terms of the contingency.
If the buyer doesn't act within those deadlines, the contingency typically expires and they lose the contractual right to cancel based on inspection findings, according to Virginia Realtors® legal hotline FAQs.
Depending on the property and neighborhood, you may also see separate contingencies for:
- Radon testing — common in many Richmond-area homes
- Termite/pest inspection — especially relevant in older Richmond City housing stock
- Well and septic inspections — if applicable to your property
- Structural inspections — sometimes added for older or distressed properties
Each of these has its own deadline and remedy options. If you and the buyer can't agree on repairs or credits within the allowed time, the buyer generally has the right to terminate and recover their earnest money — as long as they've followed the notice requirements. As a seller, your job is to respond within your own deadline window and not let time run out on you.
Virginia is a caveat emptor ("buyer beware") state, which means sellers use a statutory Residential Property Disclosure Statement that generally makes no representations about condition — the buyer takes on responsibility for due diligence. That said, Virginia law still requires specific disclosures for things like pending enforcement actions, defective drywall, septic system waivers, and properties in special flood hazard areas, per the Virginia DPOR Real Estate Board. Make sure those are handled before you get to the table.
Step 4 — Appraisal and Financing Contingencies
For buyers using a mortgage, the lender orders an appraisal after ratification. This isn't optional — Fannie Mae's Selling Guide requires lenders to obtain a current appraisal for most financed purchases, and Richmond lenders follow these secondary-market rules for conventional loans.
Most contracts include both a financing contingency and a separate appraisal contingency. The appraisal contingency is the one sellers feel most directly. If the appraiser values your home below the contract price, you're typically looking at one of four paths:
- Renegotiate the price down to the appraised value
- Offer seller concessions to bridge the gap
- The buyer makes up the difference in cash
- The parties can't agree and the contract terminates
The Virginia Realtors® appraisal contingency form outlines exactly how each of these scenarios plays out and what notice is required. The financing contingency runs parallel — if the buyer's lender denies the loan, the buyer may have the right to terminate under that contingency. These rights come from contract language, not from any Richmond-specific ordinance, as the Virginia State Bar confirms.
Your specific exposure here depends on your contract terms, your home's condition, and what comparable sales look like right now. That's a conversation worth having before you accept an offer — not after the appraisal comes back short.
Step 5 — Title Work and the Settlement Agent
While inspections and appraisals are happening, your settlement agent is quietly doing some of the most important work in the transaction: the title search.
In Richmond City, that means pulling deeds, deeds of trust, judgments, tax liens, and other instruments from the Richmond Circuit Court Clerk's land records (located at 400 North 9th Street). The goal is to confirm you have clear, marketable title to convey to the buyer.
If the search turns up problems — an old unreleased deed of trust, a judgment lien, a boundary issue — those have to be resolved before closing. That can mean delays or a contract extension. Older Richmond City neighborhoods with long ownership histories sometimes require more title research than newer suburban subdivisions in Henrico or Chesterfield, so don't be surprised if your settlement agent comes back with questions.
Closings in Virginia are handled by a Virginia-registered settlement agent — either a title company or a law firm. Under Virginia's Consumer Real Estate Settlement Protection Act, regulated by the Virginia Bureau of Insurance, settlement agents handling closings above a specified threshold must be registered and meet bonding and insurance requirements. They prepare the settlement statement, deed, deed of trust, and all required affidavits.
Step 6 — Settlement, Recording, and When You Actually Get Paid
Here's something that surprises a lot of sellers: you don't get your money the moment you sign.
Virginia operates as an escrow closing state. The settlement agent holds purchase funds and releases them only after documents are signed, the lender has funded, and title is confirmed clear — per Virginia's real estate settlement regulations. After signing, the settlement agent submits the executed documents for recording at the Richmond Circuit Court Clerk's Office, along with state and local recordation taxes and fees.
Per Code of Virginia Title 55.1, recording establishes public notice of the title transfer and the priority of any liens. The transaction isn't complete in the public record until the deed — and the deed of trust, if the buyer is financing — are recorded. Disbursement to you as the seller happens only after that process clears.
A Note on Taxes at Closing
Virginia imposes a state recordation tax on deed recordings and a grantor's tax — a state tax that the Code of Virginia assigns to the seller (grantor) — both calculated at statutory rates per the Virginia Department of Taxation. Richmond City also collects a local recordation tax at its own statutory rate. Recording fees are set by the Circuit Court Clerk.
These statutory rates are fixed by law and aren't negotiable. However, the contract can allocate who actually pays them — so what's "typical" in Richmond practice can differ from the statutory default. Per the Virginia State Bar, the parties can negotiate who covers these costs as a contractual matter. Confirm how your specific contract handles them with your settlement agent.
Other closing cost categories — title insurance, settlement fees, home warranty, termite inspection charges, HOA resale package fees, and any seller-paid buyer credits — are commonly negotiated between the parties and will vary by transaction. Brokerage compensation is always negotiable and determined by private agreement; there is no standard or fixed rate under Virginia law or NAR professional standards guidance.
For a personalized picture of what your net proceeds will look like, that's exactly the kind of conversation I have with every seller before we go to market — not something you want to figure out at the closing table.
Richmond Contract-to-Closing: Key Milestones at a Glance
Stage What Happens Who Drives It Ratification Contract signed and delivered; contingency clocks start Both parties / agents Earnest Money Buyer delivers deposit per contract deadline; held in escrow Buyer / listing brokerage or settlement agent Inspection Period Buyer conducts inspections; submits repair/credit requests or terminates Buyer (seller responds within deadline) Appraisal Lender orders appraisal; parties address any gap per contract terms Buyer's lender Financing Approval Lender issues final loan commitment; financing contingency clears Buyer's lender Title Search Settlement agent searches Richmond Circuit Court land records; resolves any title issues Settlement agent Settlement Seller signs deed and affidavits; buyer signs loan docs; funds held in escrow Settlement agent Recording & Disbursement Deed recorded at Richmond Circuit Court Clerk; proceeds released to seller Settlement agent
Timeline note: According to NAR's Existing Home Sales research, many markets saw closings cluster around 30–45 days from contract to settlement in late 2024 through early 2025. The most recent Richmond-area data, from the Virginia Realtors® Home Sales Report for May 2025 — the most recent Richmond-specific published summary available as of July 31, 2026 — showed continuing price growth and constrained inventory in the Richmond metro, conditions that can compress timelines when multiple offers are in play. Lender processing speed, appraisal scheduling, and title complexity are the biggest variables in your specific transaction.
Frequently Asked Questions
When is my Richmond home sale really binding once I accept an offer?
Your contract becomes binding — "ratified" — when both parties have signed and the signed contract has been delivered to the other party or their agent. Acceptance alone isn't enough; delivery is required under Virginia contract law, as explained by the Virginia State Bar. From ratification, the contract is enforceable, but contingency clauses give the buyer defined windows to inspect, finance, and potentially exit — so "binding" and "certain to close" aren't the same thing.
How long does it usually take to go from accepted offer to closing in Richmond, VA?
Most Richmond-area transactions run roughly 30–45 days from ratification to settlement, based on NAR market data and local practice. The main variables are your buyer's lender processing speed, how quickly the appraisal is scheduled, and whether any title issues surface in the Richmond Circuit Court land records. Cash transactions can close faster; complex title histories or financing complications can push timelines longer.
What inspections happen after I accept an offer, and can the buyer back out?
The buyer typically orders a general home inspection within the contractually defined inspection period, and may also schedule separate radon, termite/pest, well/septic, or structural inspections depending on the property. Per Virginia Realtors® standard contingency forms, the buyer can submit a written repair or credit request — or terminate and recover their earnest money — as long as they act within the contingency deadlines and follow the required notice provisions. If they miss those deadlines, the contingency expires and they lose the contractual right to cancel based on inspection findings.
If the appraisal comes in low on my Richmond home, what are my options as the seller?
You generally have four paths: negotiate a price reduction to the appraised value, offer concessions to help the buyer bridge the gap, let the buyer make up the difference in cash if they're willing, or allow the contract to terminate if no agreement is reached. The Virginia Realtors® appraisal contingency form sets out the specific notice and response requirements for each scenario. Your best leverage depends on current market conditions and how motivated both parties are — that's a conversation worth having with your agent before the appraisal even comes back.
When do I actually get my sale proceeds — the day I sign or after recording?
After recording, not at signing. Virginia is an escrow closing state, meaning the settlement agent holds funds until documents are signed, the lender has funded, and title is confirmed clear. The settlement agent then submits the deed for recording at the Richmond Circuit Court Clerk's Office, and proceeds are disbursed to you only after that process completes. Depending on the time of day documents are submitted, disbursement may happen the same day as signing or the following business day.
Who pays Virginia's recordation and grantor's taxes at closing — is it always the seller?
Virginia's grantor's tax is assigned to the seller (grantor) by statute under Code of Virginia Title 58.1, and the state and local recordation taxes are fixed by law at statutory rates per the Virginia Department of Taxation. However, the Virginia State Bar confirms that parties can negotiate who actually covers these costs in the contract. The rates themselves aren't negotiable — but who writes the check can be. Confirm your contract's specific allocation with your settlement agent.
The contract-to-closing process in Virginia is more structured than most sellers expect — and every contingency deadline matters. Pricing your home right and choosing the right offer terms are only half the job; the prep that happens before you list shapes how smoothly the contract phase runs. If you want to walk through exactly what to expect from ratification to recording on your specific home, schedule a consultation with me at Boone Residential — I'll make sure you go into it with a clear picture of every step.
About Mike Boone
Mike Boone is the Owner and Broker of Boone Residential, a Richmond, VA real estate brokerage where he serves as a trusted advocate for buyers and sellers and has fueled the company's growth through authentic, client-first service.
Boone Residential · 804-409-8655
Equal Housing Opportunity. Boone Residential is licensed in Virginia and regulated by the Virginia Real Estate Board. This article is general information only — not legal, tax, or financial advice. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Confirm your specific costs, tax obligations, and contract terms with your attorney, tax advisor, lender, or settlement/closing officer.
