Buying or selling a home in Danville, Chatham, or elsewhere in Pittsylvania County ends at closing (also called settlement). That is the day documents are signed, funds change hands, and the deed is prepared for recording. Here is what most residential closings look like in Virginia, in plain language.
Who runs the closing?
In Virginia, a settlement agent coordinates the closing. That agent may be a law firm or another licensed settlement provider. Under Virginia Code § 55.1-1006, the purchaser or borrower generally has the right to choose the settlement agent. The seller may not require a particular settlement agent as a condition of the sale. A seller can still hire their own Virginia attorney for advice, deed preparation, and document review.
Settlement agents are regulated under Virginia’s Real Estate Settlement Agents Act (Va. Code § 55.1-1000 and following). A non-lawyer settlement agent can handle many clerical and escrow tasks. Only a licensed Virginia attorney can give you legal advice about your rights.
From ratified contract to closing day
- Ratified contract and earnest money. The deposit goes to the escrow agent named in the contract, within the time the contract allows.
- Title search. The settlement agent confirms ownership and looks for mortgages, liens, judgments, easements, or other issues that need to be cleared.
- Title commitment and title insurance. Lenders usually require a lender’s policy. An owner’s policy protects the buyer’s ownership interest.
- Loan work and the Closing Disclosure. Borrowers on most home loans must receive the Closing Disclosure at least three business days before closing. Certain changes can restart that waiting period.
- HOA or condo packets, when they apply. Virginia law gives buyers certain review rights for many resale disclosure packets.
- Final walkthrough. Usually within a day or two before closing.
- Closing day. Bring government-issued photo ID and funds in the form the settlement agent tells you, typically a wire or certified funds.
- Disbursement and recording. After funds clear, payoffs are made and the deed is recorded with the Circuit Court Clerk.
Wire fraud warning
Never send a wire based only on an email that appears to change wiring instructions. Call the settlement office at a number you already trust, and confirm the instructions before you send money.
What you should bring
- Photo ID for every signer
- Certified funds or confirmed wire, as instructed
- Any documents the settlement agent or lender asked you to bring
Talk with us
If you are buying, selling, or refinancing in Danville, Pittsylvania County, or nearby, email Ethan at ethan@warrenshelton.law or call (434) 792-2350 to schedule a closing. Danville: 217 Lynn Street. Chatham: 15 Payne Street.
Attorney advertising. This post is general information, not legal advice. Contacting Warren Shelton PLLC does not create an attorney-client relationship. Attorneys licensed in Virginia only. Results depend on the facts and law of each case. Please do not send confidential information until we confirm we can represent you.