How Home Closing Works in Hampton Roads (2027 Guide)

Closing on a home in Hampton Roads (in Virginia it is usually called settlement) typically takes 30 to 45 days from a ratified contract to keys on a financed purchase, though the dates in your own contract control. In that window your deposit goes into escrow, you finish inspections, the lender appraises the home and underwrites your loan, you receive your Closing Disclosure at least three business days before closing, and you do a final walk-through. Then you sign at the office of a settlement agent you choose, such as a Virginia attorney or a licensed title company, and that agent must record the deed and pay out the funds within two business days. The Consumer Financial Protection Bureau sets the three-day Closing Disclosure rule; Virginia law sets the rest. This 2027 guide walks through each step in order.

Document	Purpose	Who signs or receives it
Promissory Note	Your written promise to repay the loan	Buyer (borrower) signs
Deed of Trust	Secures the loan with the home; Virginia lenders use deeds of trust rather than mortgages	Buyer (borrower) signs; recorded with the deed
Closing Disclosure	Final loan terms and costs; must reach you at least 3 business days before closing	Buyer; the seller gets a seller version
Initial Escrow Account Statement	Shows the taxes and insurance your monthly payment will cover; given at settlement or within 45 days	Buyer receives it from the loan servicer
Owner's Title Insurance Statement	Your written yes or no on owner's title insurance, required by Virginia before funds are disbursed; most lenders also require a lender's policy	Buyer signs
The Deed	Legal transfer of ownership to you; recorded with the Clerk of the Circuit Court	Seller (grantor) signs
Lender closing forms	Occupancy, identity and other certifications your lender requires	Buyer (borrower) signs
Settlement Statement	Itemized list of every dollar in and out of the transaction, prepared by the settlement agent	Buyer and seller sign

Who runs your closing in Virginia

Virginia's Real Estate Settlement Agents Act (Va. Code § 55.1-1000 and following) governs the person who conducts your settlement. A settlement agent is someone who is not a party to the sale, provides the escrow, closing or settlement services, and is listed as the settlement agent on your Closing Disclosure or settlement statement.

Under § 55.1-1003, only these may act as a settlement agent on Virginia real estate:

• An attorney licensed in Virginia
• A title insurance company licensed in Virginia
• A licensed title insurance agent appointed by a licensed title insurer
• A licensed Virginia real estate broker
• A financial institution authorized to do business in Virginia, or its subsidiary or affiliate

So Virginia is neither an "attorney-only" state nor a "title-company-only" state. In Hampton Roads you will see both attorney-run settlement firms and title companies. Three rules matter most to a buyer:

• You choose. The purchaser or borrower has the right to select the settlement agent, and the seller cannot require a particular one as a condition of the sale (§ 55.1-1006). Your purchase contract must carry a boldface notice saying so (§ 55.1-1007).
• A settlement agent is not your lawyer. That same notice explains that the settlement agent handles administrative and clerical work and cannot give legal advice unless it is an attorney you have hired for that purpose. If you want legal advice on your contract or title, hire your own Virginia attorney.
• Your money is held in trust. Funds you send must go into a separate fiduciary trust account no later than the close of the second business day and can be paid out only under written instructions, such as the settlement statement or Closing Disclosure signed by buyer and seller (§ 55.1-1008).

Days 1-7: Going under contract

Once all parties sign, the contract is ratified and its deadlines start running. In the first week:

• Deliver your deposit to the escrow holder named in the contract, by the contract's deadline. A broker who receives it must put it in escrow by the end of the fifth business banking day after ratification unless everyone agrees otherwise in writing. Our guide to how earnest money works in Virginia covers when you get it back.
• Name your settlement agent and make sure your agent sends them the ratified contract so the title search can start.
• Finish your loan application. Your lender must send a Loan Estimate within three business days of receiving your application. If you have not picked a lender yet, compare a few Hampton Roads mortgage lenders.
• Schedule the home inspection inside your inspection contingency period.
• Buying in an HOA or condo? Watch for the resale certificate. Unless your contract sets a different period, Virginia gives you three days to cancel after you receive it (or after ratification, if you had it before), and you can cancel any time before settlement if it is never delivered (§ 55.1-2312).
• Line up homeowners insurance. Your lender will need proof of coverage before closing and will tell you whether flood insurance is required for the property.

Days 5-25: Inspection, appraisal, title, underwriting

Several tracks run at once. You review the inspection report and negotiate any repairs or credits with the seller before your contingency deadline. The lender orders an independent appraisal to confirm the home supports the loan amount; the fee shows on your Loan Estimate. (Our inspection vs. appraisal guide explains the difference.) Your settlement agent searches the land records for liens, judgments and other title problems and orders the payoff of the seller's loan. Meanwhile the underwriter verifies your income, credit and assets. Answer document requests quickly, and avoid new credit, large unexplained deposits or a job change until after closing.

Days 20-35: Clear to close

When underwriting is complete and every condition is satisfied, the lender issues the "clear to close." The lender then prepares the Closing Disclosure and sends closing instructions to your settlement agent, who prepares the settlement statement and confirms the time and place of signing. Ask the settlement agent for your final cash-to-close figure and how they want it paid.

3 business days before: Closing Disclosure

Under the CFPB's TRID rule (12 CFR 1026.19(f)), you must receive your Closing Disclosure no later than three business days before closing. For this rule, a business day is every day except Sundays and federal public holidays, so Saturdays count. A Closing Disclosure sent by mail is treated as received three business days after it is mailed unless the lender has proof you got it sooner.

Not every change restarts the three-day wait. Only three do:

• The APR becomes inaccurate beyond the allowed tolerance
• The loan product changes (for example, fixed rate to adjustable)
• A prepayment penalty is added

Other changes, such as a small fee adjustment or a new seller credit, are handled with a corrected Closing Disclosure at or before closing. Compare the Closing Disclosure line by line with your most recent Loan Estimate: loan amount, interest rate, monthly payment, closing costs, cash to close and any seller credit. For what each fee means, see our guide to closing costs in Virginia, or the VA loan closing costs breakdown if you are using VA financing.

1-2 days before: Final walk-through

Walk the home with your buyer's agent inside the window your contract allows, after the sellers have moved out if possible. Confirm the home is in substantially the same condition as your contract's reference date, agreed repairs are done, and included appliances and fixtures are present and working. If something is wrong, document it and get the fix, credit or holdback agreed in writing before you sign. See our final walk-through checklist for Hampton Roads.

Closing day with your settlement agent

You sign at your settlement agent's office, or wherever they arrange. Buyer and seller may sign at different times or places. Bring a current government-issued photo ID and anything else your settlement agent lists, and ask questions as you go.

What you will sign or receive:

• Promissory note (your promise to repay)
• Deed of trust (pledges the home as security for the loan)
• Closing Disclosure and the settlement statement
• Your written statement on whether you want owner's title insurance, which Virginia requires the settlement agent to obtain before disbursing funds (§ 38.2-4616)
• Lender certifications, such as occupancy and identity affidavits
• The initial escrow account statement, if your loan has an escrow account (it can also arrive within 45 days)

The seller signs the deed conveying the home to you.

Paying your cash to close. Most buyers wire funds ahead of time. Your settlement agent will tell you which payment methods it accepts and the deadline. Before you send a wire, call your settlement agent at a phone number you already had, not one in an email, and confirm the account name and number. The CFPB advises never following wiring instructions from an email alone. If you think you have been scammed, call your bank immediately to request a recall and file a complaint at ic3.gov.

Why the seller is not paid at the table. Virginia generally bars the settlement agent from paying out loan funds before the deed and deed of trust are recorded, and requires recording and disbursement within two business days of settlement (§ 55.1-903). You get the keys when your contract gives you possession, which is usually at settlement unless you agreed to let the sellers stay on after closing.

Virginia recording taxes: who pays what

Recording the deed and deed of trust carries Virginia taxes that appear under "Taxes and Other Government Fees" on your Closing Disclosure. The rates are set in state law (as of October 2026):

• State recordation tax on the deed: 25 cents per $100 of the greater of the price or the assessed value (§ 58.1-801). The buyer customarily pays it; your contract decides.
• State recordation tax on your deed of trust: 25 cents per $100 of the loan amount, for loans up to $10 million (§ 58.1-803). Paid by the buyer as borrower.
• Local recordation tax: a city or county may add a tax equal to one-third of the state recordation tax (§ 58.1-3800).
• Grantor tax (seller side): 50 cents per $500 of value, paid by the seller unless the parties agree the buyer pays some or all of it (§ 58.1-802). Deeds for property in Hampton Roads localities covered by § 58.1-802.5 also carry a regional transportation fee of 6 cents per $100, on the same grantor-pays basis.

After closing

Your settlement agent records the deed and deed of trust with the Clerk of the Circuit Court for the city or county where the home sits, within two business days of settlement. The owner's title insurance policy, if you bought one, and the recorded deed usually arrive later by mail or email.

Your loan servicer will send a welcome letter with payment instructions. Mortgage interest is paid in arrears, and the interest from closing day to the end of that month is collected at settlement as prepaid interest. So the first payment is usually due on the first day of the second month after closing: close on October 20, and the first payment is typically due December 1. Keep your Closing Disclosure and settlement statement with your tax records, and confirm your real estate tax and insurance bills are going to the right place. Once you are settled, you can track your home's value over time.

Frequently Asked Questions

How long does a home closing take in Virginia?

Financed purchases are commonly written with 30 to 45 days between ratification and settlement. Cash purchases can close faster, mainly limited by the title search and the inspection period. Your contract sets the actual date.

Is closing handled by a title company or attorney in Virginia?

Either. Virginia allows a licensed attorney, title insurance company, title insurance agent, real estate broker or financial institution to act as settlement agent (Va. Code § 55.1-1003). The buyer or borrower has the right to choose, and the seller cannot require a particular settlement agent. Hiring your own attorney for legal advice is optional, not legally required.

What does a settlement agent do?

Handles the administrative side: title search, collecting documents, preparing the settlement statement, holding funds in trust, recording the deed and deed of trust, and paying everyone out. A settlement agent cannot give you legal advice unless it is an attorney you hired for that purpose.

Can I review documents in advance?

Yes. You must receive the Closing Disclosure at least three business days before closing, and you can ask your settlement agent and lender for copies of the other documents ahead of time.

What's the difference between the Loan Estimate and the Closing Disclosure?

The Loan Estimate is the early estimate, sent within three business days of your loan application. The Closing Disclosure shows the final terms and costs and must reach you at least three business days before closing. Compare them line by line.

Who pays recordation tax in Virginia?

By custom the buyer pays the recordation tax on the deed and on the deed of trust, and the seller pays the grantor tax. Your purchase contract controls, and the grantor tax statute lets the parties agree to shift it.

How do I pay my closing costs?

Usually by wire transfer, in whatever form and by the deadline your settlement agent specifies. Always confirm wire instructions by calling a phone number you already have for your settlement agent.

Can closing be delayed?

Yes, for inspection, appraisal, financing or title issues, a delayed Closing Disclosure, or seller-side problems. A short delay usually needs a written contract amendment extending the settlement date.

What happens after I close?

You receive the keys (plus garage remotes and alarm codes) when your contract gives you possession. The settlement agent records the deed and pays out funds within two business days, your loan servicer sends payment instructions, and your first payment is usually due on the first day of the second month after closing.

Sources & further reading

• CFPB: Closing on a home
• CFPB: Closing Disclosure
• CFPB: Regulation Z, 12 CFR 1026.19 (Loan Estimate and Closing Disclosure timing)
• CFPB: Mortgage closing scams: protect your closing funds
• ALTA: Wire fraud prevention
• Virginia Code Title 55.1, Chapter 10: Real Estate Settlement Agents
• Va. Code § 55.1-903: Duty of settlement agent (recording and disbursement)
• Virginia Code Title 58.1, Chapter 8: State Recordation Tax
• Virginia Real Estate Board

Laws and rules checked October 29, 2026. Always confirm current details with your lender, settlement agent, or a licensed attorney before relying on any specific figure or rule.